NEO price analysis: NEO/USD tanks 7% to give up $50, lowest level in 7 weeks
- NEO price drops over 7%, conceding the $50 mark, moving to its lowest point in 7 weeks.
- Price pressure could mount given breach of key supporting areas, $45 next short-term potential buying area.
The NEO price tanks over 7% on Monday, as price drops to lowest levels in 7 weeks, with the resumption of cooling crypto prices seen across the board. After the brief break of aggressive selling from the bears, it looks as though they have awoken.
NEO/USD downside pressure has seen the price move sub-50, which has not been seen since 10th April. The price stagnated for a few sessions, after the break of a long-running trend line, which goes back to September 2017.
Given recent price developments, NEO/USD does look susceptible to further selling from the market bears. Next area of support isn’t too far south, it would be eyed at $45, the lows produced on 6th April, before short-term bullish momentum came back into NEO. Resistance will now be seen at $50 and then $60 where the ascending trend line runs.
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.
