NEO Price Analysis: NEO/USD picks up pace again on move to the south, vital support around $35 area at risk of bear breach
- NEO bears jump back on the ride south, as eyes are on a retest of 13th June lows at $35.86.
- Several news stories have dampened sentiment across the crypto market this week.
The NEO price was dealt another blow by the market bears on Friday, as the price came under renewed selling pressure, after being allowed to have a minor bounce on Thursday. Momentum is to the downside, with vital support at danger of a retest to then be broken.
NEO/USD received a break from the heavy weight south, which was thanks to a decent rally seen in the back end of Thursday’s session. It isn’t too surprising seeing the resumption in selling, given the small path of consolidation, now being ready to further solidify the current market trend.
Technically, the ball is well within the bears court, which has been the case since the supporting ascending trend line, breached on 22nd May. Bears are eyeing a retest of June 13th lows at $35.86, a break could be catastrophic, selling the price move potentially as low as the mid $20 region. Resistance is not seen until around $62-64 underneath the broken ascending trend line, also in proximity to the 50 and 100DMAs.
NEO/USD daily chart
Author
Ken Chigbo
Independent Analyst
Ken has over 8 years exposure to the financial markets. He started his career as an analyst, covering a variety of asset classes; forex, fixed income, commodities and equities.
