NEO price analysis: NEO/USD down 6.5% on a daily basis as recovery seems to be over
|- NEO/USD long-term picture remains bearish.
- Critical support comes at $32.00.
NEO, the 13th largest coin, is trading at $34.78 to press time, having lost over 6.5% on a daily basis amid global correction after a strong rally. China's flagship coin with a market value of $2.2B with an average trading daily volume at $113M slipped to the 13th place, which is now taken by Dash.
NEO's technical picture
NEO is capped by 50-DMA, currently at $39.30. A sustainable movement higher is needed to provide strong upside momentum with the next aim at $40.00. However, this area has proved to be a hard nut to crack, as selling orders, clustered around key technical levels, pus the coin back on any break attempt
On the downside, a lower board of the recent range at $32.00 creates strong support for the coin. That's where new buyers are likely to join the game and push the coin off the dangerous lows. If this area is broken, the coin will slip to $30.00 and $27.00.
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