NEO price analysis: NEO/USD is crashing again, falling victim of Twitterstorm
|- NEO fell victim of FUD as unconfirmed information went viral on Twitter.
- NEO/USD need to get back above $100.00 to elevate the bearish pressure.
NEO/USD recovery attempt failed to translate into a sustained upside movement as the coin reversed from the local resistance, generated by 50-SMA on the hourly chart.
Late on Wednesday, NEO touched the lowest level since February 6 at $88.60 as the crypto market went down on the news that SEC demands
trading platforms to be registered as exchanges. Since that time NEO recovered towards $96.80, but the bearish sentiments remain dominant as long as the coin stays below $100.00.
There has been a lot of speculations about NEO sustainability and reliability lately as the technical issues led to the network outage. NEO’s Malcolm Lerider comments about the deadlock that caused a block delay in NEO’s consensus was misinterpreted and spread across the community by multiple re-tweets, creating panic.
NEO price technical picture
NEO price is trading at $96.80, off the intraday low $93.66, but still under 100-DMA. The psychological $100.00 level is an ultimate resistance and pivot point for NEO/USD. As long as it is not regained, the short-term sentiment remains bullish. The strong support is produced by Wednesday's low $88.60. It is closely followed by 61.8% Fibonacci retracement level $86.00.
NEO/USD, the daily chart
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