NEO price analysis: NEO/USD stagnates under new resistance trend line, $45 potential buying area
|- NEO price stagnates under new resistance, which was a previously acting as support.
- Given the support breach at $60, bears will look at targeting $45, last seen in April.
The NEO price was seen down 3.5% on Friday, as the price resumed downside pressure, following a deep breath being taken by the bulls on Thursday. Danger of the bears pushing the price further south may still loom.
NEO/USD is currently on its worst losing streak seen since March, where the price dropped 60% over a four-week period. Within this current negative run, NEO has lost over 45%, with indicators still suggesting there is more room to drop.
Technically, given NEO/USD breached support at the $60 area, it has left it exposed next week to a potential move south, eyes on $45 region. Price was last within this area at the start of April, after NEO managed to recover following the run of losses encountered in March.
NEO/USD daily chart
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