NEO price analysis: NEO/USD down 6.5% on the day despite positive news about NEO partnership with Fenbushi Capital

NEO is climbing above $60.00 amid lack of positive momentum.
Market is waiting for fresh drivers to sell, upside is limited so far.

Tanya Abrosimova Independent Analyst

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.

NEO/USD, the hourly chart

Author

Tanya Abrosimova

Independent Analyst

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