NEO price analysis: NEO/USD rejects support above $70.00, brushing shoulders with $60.00

NEO price traded above $90.00 between April 29 and April 30 as it embraced the bullish trend in the market. The investors beamed with hope as they began to see the cryptocurrency revisit $100. However, NEO/USD embarked on subtle downside corrections unable to breach the resistance at $90.00.

NEO price is down 14.34% on Friday while a major sell-out overwhelms the bulls in the market. It is not clear what has caused the latest market slump, but the news in the market is that Upbit, the largest cryptocurrency exchange could be faking the balance sheet and deceiving the investors. The cryptocurrency exchange that is run by the subsidiary Kakao, one of the nation’s technologies conglomerates has been under investigation by the police as well as ten other investigators.

NEO/USD broke below the support area highlighted at $75.00, moreover, the next support at $70.00 did little to stop the declines. The price found a short-term support above $62.50 and is currently locked below $65.00. The descending bearish trend line is also a hurdle to the price as it finds its way back up towards $70.00. The MACD on the 1-hour chart is at -2.5 while the moving averages are sloping further down to signal signalling that the bears have the control in the short-term. If $62.5 fails to hold the price, $60 will provide stronger support, below this $55.00 is another major support.

NEO/USD 1-hour chart