NEO price analysis: NEO/USD explores new lows close to $45.00 handle

NEO is down over 3% on the day, moving in line with all major cryptocurrencies. The coin's market value dipped below $3B for the first time since December 14, 2017, while total cryptocurrency capitalization stays below $259B.

While NEO has no specific triggers for the downside, it is pressured down bu general bearish sentiments of the cryptocurrency market, created by news about virtual currencies ban in India and alleged crypto-related fraud in South Korea, where the prosecutors arrested top managers of major cryptocurrency exchanges.

Tom Lee from Fundstrat believes, that American tax period is behind the crash. If he is right, we will see the rebound in the middle of April.

NEO price technical picture

NEO/USD has recovered from Asian low, trading at $45.29 with negative bias. If the price goes below $5.00, the sell-off may be extended to $42.00 and to $31.15 (the lowest level since December 22, 2017). On the upside, the coin needs to get back above $47.00 ( 50-SMA, hourly interval) to be able to extend the recovery towards $48.00 (100-SMA, hourly chart).

NEO/USD, the hourly chart