Manoj B Rawal
Independent Analyst
- NEO becomes yet another crypto to fall off support.
- Bounces show up but can't hold on.
- Facebook working on its own cryptocurrency, reports Cheddar.
NEO becomes yet another cryptocurrency on Friday among major cryptocurrencies that breaks down on short term charts while long terms still remain shaky in a sign which is obvious that all the cryptos follow each other in following the trend like a herd.
NEO/USD is trading more than 5 percent lower on day at $66.208 after falling to as low as $60.802 on day, which was nearly 13 percent drop. On 60-minute chart, NEO has broken lower from the trenline support and although it has tried bouncing back to go above it again, but bears have the field day today.
Among the news that is worth noting is, as Cheddar reports Facebook is exploring plans to have its own cryptocurrency for its users that would allow its billions of users around the world to make electronic payments.
From technical point of view, immediate resistance now for NEO is at $67, which is NEO's 50 days simple moving average and it needs to cross past it apart from the broken trendline which sits at $67.5 currently - it would be too much to ask for from the bulls who have given up, at lest for the day.
NEO/USD 60-minute chart:
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