NEO Market Update: NEO/USD dives under the 50 SMA, refreshes $9.75 support
|- NEO defends the trendline support in spite of the 3.27% loss on the day.
- Numerous support levels including $9.00 and $8.50 will help cushion NEO bulls if the bearish momentum continues.
NEO is arguably the most battered cryptocurrency asset on the first day of the week. In other words, NEO is leading in losses after shedding off 3.27% of its value on the day. The red-painted market is a reflection of the worsening technical picture across the crypto landscape.
In spite of the losses from the recent high at $10.40, NEO has sustained an uptrend from the December low at $7.75. Several barriers were broken in the recovery journey including $8.5, $9.00 and $10. While the support at $10 did little to stop the reversal, $9.5, $9,00 and $8.5 are expected to come into the buyers’ rescue.
For now, the trendline support is vital for the short term recovery targeting $10. The RSI suggests that the bulls are gaining traction. However, a move above 50 will encourage more entries from the buyers.
If the losses continue, the 100 SMA support a $9.69 will come in handy. Other support areas to keep in mind include $9.00, $8.5 and $7.75.
NEO/USD hourly chart
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