NEO price analysis: Technical set up suggests new lows in the offing

NEO trades lower on day in weekend trading.
April lows not far away.

Manoj B Rawal Independent Analyst

NEO, the crypto which could never bounce back enough from the April lows is trading lower on Saturday and is now running a risk of hitting those lows again, unless there's a major fundamental breakout event that pushes it hard on the upside.

NEO/USD is down 1.5 percent at $52.01 on Saturday and is trading in a narrow band of a meager 3 percent between $51.5 and $53. The crypto is down more than 20 percent this week alone. A look at the 180-minute chart suggests it has been consistently trading below the resistance line, drawn from its recent high hit in April from where NEO is down more than 45 percent till date and now has all the chances of heading towards April low of $44. (Read earlier realted story here)

Immediate resistance now exists around $52.5 mark and support is placed well below $50 around which NEO might find some stability to wake up and show some strength to try and bounce back.

NEO/USD 180-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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