• 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


Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers.

Cryptos feed

Latest Crypto News

Latest Crypto News & Analysis

Editors’ Picks

Cardano Price Forecast: ADA targets 900% bull rally, but it must clear $0.33 first

Cardano had a significant rally towards $0.355 at the beginning of 2021. After a notable dip to $0.228, bulls bought it and managed to push Cardano price to $0.33 again before a small rejection.

More Cardano News

Ethereum price aims to flush out doubters before the ultimate breakout to $2,000

Ethereum bulls bought the dip on January 11, pushing the digital asset from a low of $915 towards $1,256. The smart-contracts giant has been outperforming Bitcoin in the past 24 hours despite the negativity seen on social media.

More Ethereum News

XLM Price Prediction: Stellar consolidates ahead of a 30% move

XLM price trades at $0.291 at the time of writing after a healthy consolidation after hitting a 2021-top at $0.411. There is a high chance that XLM is about to see a massive breakout or breakdown within the next 24 hours.

More XLM News

Bitcoin Weekly Forecast: BTC price faces extreme volatility ahead of a new all-time high

Bitcoin had a wild run this week, dropping from a high of $41,350 to a low of 30,420 in less than 48 hours. The panic sell-off was stopped on its tracks at the 26-EMA on the daily chart as bulls quickly bought the dip and created a V-Shape recovery pushing BTC towards $40,100 again. 

More Bitcoin News


Bitcoin Weekly Forecast: BTC price faces extreme volatility ahead of a new all-time high

Bitcoin had a wild run this week, dropping from a high of $41,350 to a low of 30,420 in less than 48 hours. 

Read the weekly forecast