NEO price analysis: NEO/USD big underperformance, down 7% on Tuesday, another drop looks possible
|- NEO/USD has fallen over 45% in the past two weeks of trading.
- Momentum is with market bears, support seen at $81, then next downside target seen at $60.
The NEO price is seen nursing losses of around 7% on Tuesday, adding to its losses encountered over the last week or so. In the last two weeks now, NEO has given up around 45% in value, falling from $145 at the end of February.
NEO/USD appears to be pending a breakout, following a narrowing of price action within a pattern, viewed on the 1-hour time frame. Market players are deciding upon the next trend, whether the downside momentum continues or NEO stages a rebound.
Looking technically, bears remain in firm control of driving NEO/USD lower, support is preventing further downside currently at $81, if broken a sharp fall could be seen back below $60. If bulls return, resistance tracking at $88, then 50DMA is then seen at $95.
NEO/USD 1-hour chart
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