- Upside gains in price capped at the 23.6% Fibonacci retracement level.
- Selling pressure in the entire cryptocurrency market is driving prices to the ground.
NEO price is trading in a descending channel on Friday. The pressure in the cryptocurrency market has been driving the prices to the ground in the last 24 hours. NEO has dipped by 10% after opening the session today at $92.37. During the decline, NEO broke past key support level at $85.00 to find support close to the major support level at $80.00.
NEO is currently trading double tops as the bulls' attempts to push the price higher have been stopped by the 23.6% Fib retracement level of the previous swing high of $101 and a low of $80.00. NEO/USD price short-term resistance level is $85.00. The 100-simple moving average trendline, on the other hand, is in a general slopping trend; hence the selling pressure could continue.
NEO price is forming a descending channel around $85.00 level, and it seems the bears could push the price lower towards the support level at $80.On the upside, NEO price has tested the resistance level twice during the trading afternoon trading session on Friday. If the up momentum is sustained, the bulls could regain control of the market.
NEO/USD price chart
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