NEO Market Overview: NEO/USD downtrend bull’s eye is $8.0
|- NEO spirals within a falling channel after losing $9.0 and $8.5 support areas.
- Selling activity is in tandem with the drab technical picture.
The crypto market is a sea of red. All the major cryptocurrencies are bleeding, with Bitcoin shedding 0.61% of its value on the day, Ethereum 0.83% and Ripple 0.85%. NEO has not been spared as it leads the downtrend, losing 1.26%. The rest of the top 20 cryptoassets are posting losses between 0.4% and 1.5%,
From the time NEO broke the consolidation phase above $8.5, the sellers have had a field day. The descending channel has been tested severally on both ends. However, the downtrend is still intact.
The price is reeling at $8.45 slightly below the 50 SMA on the 1-hour chart. The 100 SMA in the same range is holding ground at $8.78. NEO must focus on breaking the channel resistance to break out of the downtrend and correct above $9.50 and $10 supply zones.
Technically, the bears will continue to have their say in the coming session, especially with the RSI lethargic movement below 50. Renewed buyer interest is key to NEO’s recovery above $10.
NEO/USD 1-hour chart
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