Ken Chigbo
Independent Analyst
- NEO/USD extends on is losses through a strong support trend line.
- Price has broken $100 level and breached support at 100 DMA.
The NEO price has continued to remain firmly on the back foot, extending it losses to a third straight trading day. Earlier in the week, NEO/USD breached a trend line that had been supporting the price, since November 2017.
Momentum resuming in the bears control, seeing the price lose further ground and giving up on $100. The 100 DMA was tracking around $98, which has failed to catch the falling price, with NEO breaching this.
Looking technically now, eyes will be on 6th February lows for some potential demand, this would be at $64. Should this fail to contain further downside, then next south target would be $32 another touted buy area, where the price has been support during lows of December 2017.
NEO/USD daily chart
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