Tanya Abrosimova
Independent Analyst
- NEO is climbing above $60.00 amid lack of positive momentum.
- Market is waiting for fresh drivers to sell, upside is limited so far.
NEO dropped as low as $58.33 on Saturday amid major sell-off on cryptocurrency market. The coin is trading at $63.50, off 6/5% on the day. NEO/USD is confined to a bearish trend, capped by both 50 and 100-SMA.
NewEconoLabs announced a partnership deal between NEO Global Capital (NGC) and Fenbushi Capital for Neo’s Name Service Project, which is a distributed open source and extensible domain name system based on the NEO Blockchain. It will change clumsy letter-digit combinations of wallet addresses to a word or a phrase that is easy to remember.
NEO takes the 11th place among major coins with market value $4.1B. NEO peaked at $94.65 on April 30 and lost over 40% since that time.
NEO technical picture
The intraday technical picture looks very bearish as the price stays below all key MAs. The local resistance is created by 50-SMA (hourly chart) at $65.00. Once it is broken, the price may go higher towards $81.66 (100-SMA) and to critical level $66.50. The support is created by $60.00. Another drop below will shift the focus onto $58.33 again.
Note: All information on this page is subject to change. The use of this website constitutes acceptance of our user agreement. Please read our privacy policy and legal disclaimer. Opinions expressed at FXstreet.com are those of the individual authors and do not necessarily represent the opinion of FXstreet.com or its management. Risk Disclosure: Trading foreign exchange on margin carries a high level of risk, and may not be suitable for all investors. The high degree of leverage can work against you as well as for you. Before deciding to invest in foreign exchange you should carefully consider your investment objectives, level of experience, and risk appetite. The possibility exists that you could sustain a loss of some or all of your initial investment and therefore you should not invest money that you cannot afford to lose. You should be aware of all the risks associated with foreign exchange trading, and seek advice from an independent financial advisor if you have any doubts.
Recommended Content
Editors’ Picks
Ethereum dips slightly amid Renzo depeg, BlackRock spot ETH ETF amendment
Ethereum (ETH) suffered a brief decline on Wednesday afternoon despite increased accumulation from whales. This follows Ethereum restaking protocol Renzo restaked ETH (ezETH) crashing from its 1:1 peg with ETH and increased activities surrounding spot Ethereum ETFs.
Injective price weakness persists despite over 5.9 million INJ tokens burned
Injective (INJ) price is trading with a bearish bias, stuck in the lower section of the market range. The bearish outlook abounds despite the network's deflationary efforts to pump the price. Coupled with broader market gloom, INJ token’s doomed days may not be over yet.
US intensifies battle against crypto privacy protocols following crackdown on Samourai Wallet
CEO Keonne Rodriguez and CTO William Lonergan of Samourai Wallet were arrested by the US Department of Justice (DoJ) on Wednesday and charged with $100 million in money laundering on a count and illegal money transmitting on another count. This move could see privacy-focused cryptocurrencies take a dip.
Near Protocol Price Prediction: NEAR fulfills targets but a 10% correction may be on the horizon
Near Protocol price has completed a 55% mean reversal from the bottom of the market range at $4.27. Amid growing bearish activity, NEAR could drop 10% to the $6.00 psychological level before a potential recovery. A break and close above $7.95 would invalidate the downleg thesis.
Bitcoin: BTC post-halving rally could be partially priced in Premium
Bitcoin (BTC) price briefly slipped below the $60,000 level for the last three days, attracting buyers in this area as the fourth BTC halving is due in a few hours. Is the halving priced in for Bitcoin? Or will the pioneer crypto note more gains in the coming days?