NEO price analysis: NEO/USD dips below $50.00, the bulls say no more but lacking fresh catalyst to recoil higher
- Selling pressure extends declines below $50.00, breakout targets ay $55.00 and $65.00.
- NEO price major support rests at $45.00 zone.
NEO price has commenced the week’s trading with extended declines. The crypto has killed investors’ mood after dropping below $50.00. NEO/USD is supported by the lower trend line of the contracting triangle pattern. The upside is lacking a fresh catalyst to retrace towards the highlighted resistance at $55.00.
Digital assets have bottomed out, although it is not clear what is the cause of the extended declines. Regulations are likely to be playing a big role in increasing the volatility. Most of the trading in the market is purely sentimental and uncertainties due to regulations result in negative price action.
Technically, NEO/USD is facing resistance at $50.00, a break above this level, could increase the gains towards the next targets on the upside at $55.00 and $65.00 respectively. The Stochastic is deep in the oversold position which could signal buyers to find an entry point. If the bottom side of the contracting triangle gives in to selling pressure. The next demand position is at $45.00 which also happens to be the major support zone.
Author
John Isige
FXStreet
John Isige is a seasoned cryptocurrency journalist and markets analyst committed to delivering high-quality, actionable insights tailored to traders, investors, and crypto enthusiasts. He enjoys deep dives into emerging Web3 tren
