NEO price analysis: NEO/USD loses 5% on a daily basis despite positive NEO monthly report


  • NEO/USD is the worst-performing cryptocurrency of August.
  • NEO Global Development published regular report.

NEO, now 15th largest coin, is trading at $21.55 to press time, within the long-term downside trend. The coin has retraced from Saturday's high at $2336, to trade 5% lower on a daily basis and 2.5% lower since the beginning of Monday. NEO has a market value of $1.4B and an average trading daily volume at $80M. Growing trading volumes during bearish market worsens the technical picture as this trend may signal that users are eager to get rid of the coins. 

NEO became the worst performing cryptocurrency of the month as it lost over 40% of its value in August. The sell-off was triggered by the SEC's decision to reject some crypto ETFs launch, though NEO was among the biggest losers.

Meanwhile, NEO Global Development (NGD) published its monthly report on recent developments featuring NEO Blockchain Game Development Competition. Over 200 developers over the world submitted 39 game.

NEO's technical picture

On the intraday level, NEO/USD recovery is capped by $22.03 (SMA50, 1-hour chart), followed by $23.00. Once it is broken, NEO/USD may extend the recovery towards $25.00 resistance, created by DMA50. The coin has been trading below $25.00 since August 8 and below DMA50 since May 10.

On the downside, the short-term support is created by SMA100 (1-hour chart) at $20.78, followed by psychological $20 with SMA200 (1-hour) right below that level. 

NEO/USD, 1-hour chart


Get 24/7 Crypto updates in our social media channels: Give us a follow at @FXSCrypto and our FXStreet Crypto Trading Telegram channel

Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers. The author will not be held responsible for information that is found at the end of links posted on this page.

If not otherwise explicitly mentioned in the body of the article, at the time of writing, the author has no position in any stock mentioned in this article and no business relationship with any company mentioned. The author has not received compensation for writing this article, other than from FXStreet.

FXStreet and the author do not provide personalized recommendations. The author makes no representations as to the accuracy, completeness, or suitability of this information. FXStreet and the author will not be liable for any errors, omissions or any losses, injuries or damages arising from this information and its display or use. Errors and omissions excepted.

The author and FXStreet are not registered investment advisors and nothing in this article is intended to be investment advice.

Cryptos feed

Latest Crypto News


Latest Crypto News & Analysis

Editors’ Picks

Decentraland price under pressure by market turmoil, MANA points to steep correction

Decentraland (MANA) has not been able to sit back and enjoy its all-time highs printed on Thursday, above $6.0. MANA price reversed to the downside as a wave of negative news surrounding a new Covid variant hit news wires during the Asian session.

More Cryptocurrencies News

Bitcoin, Ethereum, XRP at discount ahead of Black Friday while investors fear new COVID strain

Over $265 billion wiped off the overall crypto market capitalization in a bloodbath as news of the new Covid strain breaks out. Bitcoin, Ethereum and Ripple prices have tumbled over 6%, and the top 10 cryptocurrencies are trading at a steep discount.

More Bitcoin News

XRP holds key support while indicators point to short-term recovery

Ripple started a recovery wave above a key support level of $1.024. XRP price started an upside correction as indicators suggest a short-term recovery. The coin may initiate a fresh downtrend upon a breakout of the $1.024 support level.

More Ripple News

Dogecoin-killer Shiba Inu hits 1 million holders, gets listed on South Korean exchange

Shiba Inu hit an important milestone of 1 million holders with a rise in the number of investors. The memecoin listed on a South Korean crypto exchange successfully despite strict regulatory requirements. 

More Shiba Inu News

Black Friday 2021 Discounts!

Do you want to take your trading skills to the next level? Now you have a chance of leaping forward at attractive introductory rates. For Black Friday, FXStreet is offering discounts of up to 50% on its upgraded Premium plans. 

Subscribe now!

BTC

ETH

XRP