NEO price analysis: NEO/USD down 5% on the day, bearish trend gaining traction
|- NEO is one of the worst-performing coins, down 5% since the start of the day.
- Bithumb hack reaction is muted so far.
NEO sits on the 12th place with the market cap $2.4B and average trading volumes $77M. It is changing hands at $37.94, down over 5% since the beginning of the day. The coin touched $41.46 on June 13 amid recovery attempt, but failed to hold the ground and resumed the downside.
NEO is most actively traded at Bitfinex with over 48% of trading volume attributed to NEO/BTC transactions. The coin has lost nearly 50% since the beginning of the year, however, it is still 39% higher that this time last year.
NEO is vulnerable amid the news about Bithumb hack, but the overall cryptocurrency market reaction is muted so far.
From the shorter-term perspective, NEO/USD is supported by $37.00; once it is broken, June 13 low at $35.73 will come into focus. The recovery is capped by $38.45 (100-SMA, hourly chart) and $39.52 (200-SMA, hourly chart) The next resistance is created by psychological $40.00 and $41.00 (200-SMA).
NEO/USD, hour chart
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