NEO price analysis: NEO/USD testing key support; possible intraday downside breakout

NEO price is correcting lower after encountering growing resistance at $84.00 (the highest peak in April). The crypto is testing the key support are at $74.00 on the hourly chart. The price is down 3.12% in the last 24 hours on Wednesday.

In other NEO related news, NewEconoLabs, an open source community of Chinese developers who are committed to supporting NEO ecosystem, has released a blockchain explorer application as well as a light wallet. The community said that the wallet was going to be integrated with the NNS (NEO Name Service) which will be accomplished on the TestNet that will be released in future. This blockchain explorer is able to provide details such as the total number of transactions, the latest block and lastly the wallet addresses that have been developed for the NEO blockchain. Consequently, the explorer can be found on NEO MainNet as well as the TestNet and at the same time, it can be read both in English and Chinese.

Technically, NEO price is trading below the moving averages with the 100 SMA offering short-term resistance to the upside, while the 50 SMA is will offer stiff resistance as the price attempts to retrace towards $80.00. The 61.8% Fib retracement level with the last swing of $84.1 and a $72.7 low failed to hold as the price dived; however, it is going to offer resistance to the upside close to $77.00. There is a growing bearish momentum close to the $75.00 as the moving averages indicate that the path of least resistance is downwards. NEO/USD must find a support at $74.00 to avoid further declines, besides the stronger support is at $72.00; more or less the last resort above $70.00.