NEO price analysis: NEO/USD recovered from intraday low, but the momentum is too weak to take it above critical resistance
|- NEO's technical picture looks grave as the coin drops below significant support levels.
- More downside in store, if the coin doesn't reclaim $89.00.
NEO is in trouble, as the price settled below all major support levels, including 61.8% Fibo at $86.00, and upside trend line at 89.00. If the coin doesn't get back above those thresholds, February 6 low at $63.63 may come into play sooner rather than later.
NEO/USD is trading at $82,45, having lost nearly 60% from the peak reached on January 15. A series of misfortunes and technical issues on NEO network damaged investors' confidence and weighted down on NEO.
NEO price technical picture
The move below 61.8% Fibo at $86.00 aggravated NOE/USD technical picture both on short-term and long-term timeframes. Now the local support is seen at $81.07 (Sunday's low) and at $78.92 (March 9 low). Once this level is cleared, fresh selling pressure may take NEO towards $63.63.
NEO/USD, the hourly chart
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