NEO price analysis: NEO/USD dips below $34.00 amid bearish reversal across the cryptocurrency market

Local resistance is created by 100-SMA (1-hour chart)
The long term trend is defined by 50-DMA.

Tanya Abrosimova Independent Analyst

NEO, the 13th largest coin, is trading at $33.41 to press time, with the long-term downside bias. The coin has recovered from early Asian low at $32.66, but it is still 5% lower on a daily basis. NEO has a market value of $2.1B and an average trading daily volume at $80M.

NEO's technical picture

On the intraday level, NEO/USD recovery is capped by $33.82 (100-SMA, 1-hour chart), followed by $34.20 with both 50 and 200-SMAs clustered around this area. Fresh selling interest spotted on approach to this level, may stop the recovery. If $33.00 gives way, $32.00 with $31.20 (recent low) will come into focus. Once it is cleared, the sell-off may be extended towards $30.00 and $27.00.

On a daily chart, NEO is capped by 50-DMA (currently at $36.26), moving within the long-term bearish trend. A sustainable movement higher is needed to bring $40.00 into focus. The ultimate bullish goal is at $44.27 (previous low of 2018).

NEO/USD, 1-hour chart

Author

Tanya Abrosimova

Independent Analyst

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