NEO price analysis: Shrinking volatility and lacking momentum, recipe of no man's land

NEO traders lack enthusiasm to take it higher.
Volatility shrinking, momentum waning.

Manoj B Rawal Independent Analyst

NEO price has been trading lower in Thursday'a trading in a sign of the last few days that traders of NEO crypto have gone in hybernation mode and have no intention to wake up anytime soon. Rather, chances are it may continue to drift lower being stuck in downward sloping channel.

NEO/USD is trading more than 1 percent lower on day at $75.20 while day's range has been between $77 and $74, less than 5 percent range for the day - Not a hallmark of cryptocurrencies which are known for heightened volatility and 5-10 percent range for the day is a norm.

On 60-minute chart, NEO price is stuck in a lower high, lower low downward sloping channel, which though it did try to break out, only to give back. Immediate resistance for NEO now stands at $79 while support is placed at the low of $74.5.

NEO/USD 60-minute chart:

Author

Manoj B Rawal

Independent Analyst

Manoj B Rawal, financial markets professional with about 11 years of experience in writing, editing and advising on stocks, currencies and fixed income.

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