Tanya Abrosimova
Independent Analyst
- NEO is dropping down like a stone on a combination of speculative and technical factors.
- Volatility is rising, which implies that more downside is in store.
NEO is a catastrophe. The coin has been declining steadily for the seventh day amid the bearish sentiments of general cryptocurrency market. While iNEO/USD managed to recover from the Asian low $52.00, the downside pressure remains acute with March 18 minimum ($49.03) within striking distance.
The intraday chart shows a strong rebound from the above-said daily low, but the price needs to get back above $60.0 to reduce immediate selling pressure. Once this level is cleared, the recovery may be extended towards $61.60 (50-SMA, hourly interval) and $64.0 (100-SMA, hourly interval). On the downside, the sustained move below $50.00 will expose $49.00 and may trigger the massive sell-off towards $30, which is the lowest level since November 29, 2017.
NEO/USD dropdown has been accompanied by substantial growth of 24-hour volatility that increased from 0.94% on Monday morning to 3.5%. It means that the sell-off may not be over yet.
NEO/USD, the hourly chart
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