NEO price analysis: NEO/USD is down 5% on the day, selling pressure re-emerges at $80.00
|- NEO bulls could not make their way above $80.00 resistance.
- 50-SMA at $70.00 has the potential to stop the downside.
NEO was not as vigorous as bitcoin on its way to the North as the coin retracted back $74.00 support area after a failed attempt at $80.00 resistance. NOE/USD gained 7% during 24 hours, but it is nearly 5% lower than at the beginning of the day.
There is no NEO specific news to drive the coin lower, though it may be influenced by the same forces that put ETH under pressure. Being regarded as the "Chinese Ethereum," NEO is often used for ICOs, especially in China, which makes it vulnerable to regulatory crackdown aimed at this fundraising practices.
NEO/USD 12-hour volatility stays below 1% on the back of decreasing trading volume.
NEO price technical picture
On the intraday timeframe, NEO/USD stays well above both 50 and 100-SMA (hourly), but the upside is limited as the coin faced new selling pressure on approach to $80.00 resistance and moved back towards local support around $74.00. A sustained break below the said level will expose $70.00 and $65.00 followed by $63.20. On the upside, $80.00 and $86.00 (61.8% Fibo) are deemed to stop the bulls for the time being.
NEO/USD, the hourly chart
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