NEO overview: more pain ahead

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