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
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Author
Tanya Abrosimova
Independent Analyst
