Tanya Abrosimova
Independent Analyst
- NEO bulls surrendered on approach to the critical resistance level.
- The downside will be limited by the critical support at $107.50.
NEO turned out to be a big loser as the coin lost over 13% from the recent high at $146.12. NEO/USD is trading at $126.50, well below 38.2% Fibo and 50-DMA at $129.00, which darkens the short-term technical picture.
The upside momentum caused by Ontology airdrop scheduled for March 1, has fizzled out as the market plays out the "buy the rumor, sell the fact" scenario. At the same time, the news about Chinese regulator taking hostile steps against cryptocurrency trading increase pressure on NEO, which is very popular in this country.
Read more about Chinese restrictions here.
NEO price technical picture
NEO price recovered from the intraday low $124.00, but the upside momentum is weak. The coin needs to climb above the near-term resistance at $129.00, created by 38.2% Fibonacci retracement level and 100-SMA on the hourly chart. Once this area is cleared, 50-SMA at $136.60 will come into focus.
On the downside, the nearest support is created by the short-term consolidation area at $116.00 and followed by $107.50 (50% Fibo).
NEO/USD, hourly chart
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