NEO price analysis: NEO/USD testing pivotal lows seen on 6th February at $65

Key supporting levels being tested of 6th February lows at $65.
NEO/USD could be exposed to a complete reversal of the bull run from 2017.

Ken Chigbo Independent Analyst

The NEO price seen down over 2.5% on Thursday, looking to close the week firmly in negative territory, inline with the crypto market sell-off across the board. Google banning crypto ads did not help with the current soft market sentiment.

Last month on 6th February, the crypto market came under heavy selling pressure, with much concern surrounding the SEC hearing at the time, allied with China’s continued crackdown. NEO/USD is trading in proximity to those lows seen at $65.

Technically, with the crypto market moving in lock-step and retaining within this strong bearish trend, NEO/USD could be subject to a further break lower. A breach of $65 can see mass selling and a reversal of the bull run from the back end of 2017. Resistance now looks firm at $80, should the bulls regain some momentum or the market sees a pullback.

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.

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