NEO price analysis: NEO/USD controlled by bears, down 6%

NEO lost 6% since the start of the day.
Critical support at $30.00 is at risk.

Tanya Abrosimova Independent Analyst

NEO has lost nearly 6% since the start of the day amid global cryptocurrency sell-off. The coin is changing hands at $31.38, off the intraday low registered at $31.39. NEO takes the 12th place with market value $2.0B and the average daily trading volume of about $91M.

NEO's technical picture

The technical picture doesn't look inspiring as the price is moving quickly towards $31.00 and critical $30.00. NEO/USD stays below long-term sloping trendline and under all SMAs on 4-hour chart, which increases the bearish sentiments. The recovery is capped by $34.38 (that's where the trendline intersects with 100-SMA, 4-hour chart). If we manage to clear this level, the recovery may be extended towards $36.70 (200-SMA).

On the downside, the coin supported by the above-mentioned $31.00 level, followed by psychological $30.00. Once below, the sell-off may be extended towards $27/03, which is the lowest level since June 29.

NEO/USD, 4-hour chart

Author

Tanya Abrosimova

Independent Analyst

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