NEO price analysis: NEO/USD dips below $34.00 amid bearish reversal across the cryptocurrency market
|- Local resistance is created by 100-SMA (1-hour chart)
- The long term trend is defined by 50-DMA.
NEO, the 13th largest coin, is trading at $33.41 to press time, with the long-term downside bias. The coin has recovered from early Asian low at $32.66, but it is still 5% lower on a daily basis. NEO has a market value of $2.1B and an average trading daily volume at $80M.
NEO's technical picture
On the intraday level, NEO/USD recovery is capped by $33.82 (100-SMA, 1-hour chart), followed by $34.20 with both 50 and 200-SMAs clustered around this area. Fresh selling interest spotted on approach to this level, may stop the recovery. If $33.00 gives way, $32.00 with $31.20 (recent low) will come into focus. Once it is cleared, the sell-off may be extended towards $30.00 and $27.00.
On a daily chart, NEO is capped by 50-DMA (currently at $36.26), moving within the long-term bearish trend. A sustainable movement higher is needed to bring $40.00 into focus. The ultimate bullish goal is at $44.27 (previous low of 2018).
NEO/USD, 1-hour chart
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers.