NEO overview: more pain ahead

NEO/USD is one of the worst-performing coins out of top-20.
The recovery potential is limited.

Tanya Abrosimova Independent Analyst

NEO is the 17th largest digital asset and one of the biggest losers of top-20 both on a day-on-day and a weekly basis. NEO/USD has lost over 6% since this time on Sunday to trade at $8.46 at the time of writing.

NEO, also known as a Chinese Ethereum, has been struck during this crypto winter. The coin has lost nearly 95% of its value since the peak at $195.00. While NEO/USD managed to recover from December 2018 low at $5.4, the recovery process still struggles to gain traction as we will need to see a sustainable move above $10.00 for the upside momentum to gain traction.

The first critical barrier is created by DMA200 at $12.40, though the recovery above that level looks unlikely at this stage as the daily Relative Strength Index (RSI) points to the South. The overall bearish sentiments on the cryptocurrency market also seem NEO bulls in check.

Meanwhile, speaking at NEO DevCon 2019, NEO co-founder Erik Zhang described the features and potential improvements of NEO 3.0 protocol. He explained that the primary goal of the protocol is to create a decentralized platform for large-scale commercial applications that will promote the development of a smart economy.

NEO/USD, 1D chart

Author

Tanya Abrosimova

Independent Analyst

Markets move fast. We move first.

Orange Juice Newsletter brings you expert driven insights - not headlines. Every day on your inbox.

Editor's Picks

Solana dips as hawkish Fed cuts dampen market sentiment

Solana (SOL) price is trading below $130 at the time of writing on Thursday, after being rejected at the upper boundary of its falling wedge pattern. The broader market weakness following the Federal Reserve’s hawkish rate cut has added to downside momentum.

Pi Network Price Forecast: PI declines as core team offloads 2 million tokens

Pi Network (PI) edges lower by 3% at press time on Thursday, marking its fifth consecutive day of losses. A transfer of 2 million PI tokens from the liquidity reserve, part of the Pi core team wallets, bolsters the bearish sentiment.

Cardano Price Forecast: ADA flips bearish as derivatives markets flout network growth

Cardano (ADA) extends losses by 5% at press time on Thursday, following the 3% decline on the previous day and breaking the local resistance trendline. Derivatives data indicate a bearish shift in the narrative, as Open Interest and the number of active long positions decline.