- NEO/USD dives below $10.00 amid global sell-off on the cryptocurrency market.
- The initial resistance is created by SMA50 on a daily chart.
NEO. the 17th largest cryptocurrency with the current market value of $560 million, has lost 13% of its value in recent 24 hours. NEO is one of the worst is the best-performing altcoin out of top-20 on Monday. At the time of writing, NEO/USD is changing hands at $8.52, off Monday's low registered at $8.40.
NEO/USD, the technical picture
Looking technically, NEO/USD reached the lowest level since the end of October. The price dropped below both SMA50 (Simple Moving Average) and SMA100 on a daily chart, which is an ominous sign for NEO bulls. The first support awaits us on approach to psychological $8.00. It is closely followed by the upper boundary of October's consolidation channel. Once it is out of the way, the sell-off is likely to gain traction with the next focus on $6.80.
On the upside, we will need to see a sustainable move above $9.70 (SMA50 daily) to mitigate the initial bearish pressure. A more important hurdle awaits us on approach to psychologocal $10.00 and $11.00 reinforced by SMA200 and the middle line of the Bollinger Band on the daily chart.
NEO/USD, 1-day chart
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