NEO/USD fails at the $9.30 resistance line as market drops by a dramatic 6.5%

NEO/USD dropped down from $9.29 to $8.72 after failing to break past resistance at $9.30.
If bearish momentum continues, then the market may go below the 20-day simple moving average (SMA 20) curve for the first time in over two weeks.

Rajarshi Mitra Independent Analyst

NEO/USD failed to breach past the $9.30 resistance line as its price went down from $9.29 to $8.72. In the process, NEO/USD lost 6.5% of its value this Thursday which saw the entire crypto market take a significant hit.

NEO/USD daily chart

With the bears dominating this Thursday, they will look to move the price below the $8 mark. If they manage to do so, not only will they break past a critical support line, but they will also bring the market below the 20-day simple moving average (SMA 20) curve for the first time in over two weeks. The relative strength index (RSI) curve has also managed to creep out of the overbought territory.

Author

Rajarshi Mitra

Independent Analyst

Rajarshi entered the blockchain space in 2016. He is a blockchain researcher who has worked for Blockgeeks and has done research work for several ICOs. He gets regularly invited to give talks on the blockchain technology and cryptocurrencies.

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