NEO price analysis: NEO/USD down 7% to trade below $66.0 amid speculative positioning
|- NEO reverses early Asian gains following short-term rise above 7%.
- The ultimate support comes at $60.00.
NEO lost 7% from the Asian peak, losing ground due to speculative positioning as short-term investors try to lock profits after NEO stellar rise during the previous week. The coin is trading at $66.00 still within short-term upside channel.
NEO was supported by the buzz around Amsterdam and Tokyo events. Now that they are over the coin is giving up some gains, which is but natural. Volatility and trading volumes are coming down, meaning that the recent hype around cryptos is probably over.
On the longer-term time-frame, NEO/USD continues moving within downside channel, capped by 50-DMA at $75.00 and the downside trendline at $87.00. These levels need to be cleared before bulls can claim victory.
NEO price technical picture
On the intraday level, the nearest support is created by 100-SMA at $64.80; if it is broken, the downside may be extended towards $62.00 and $60.00. The upside is capped at $68.00 with ultimate resistance at $70.00 and $71.55 (Asian peak).
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