Neo price declined sharply and settled below $70 against the US Dollar. NEO/USD remains in a downtrend and is at a risk of more losses below $60.
Key Talking Points
- Neo price corrected higher recently, but it could not move above $70.00 against the US Dollar.
- There is a monster bearish trend line in place with resistance at $68.00 on the hourly chart of NEO/USD (data feed by Bitfinex).
- The pair may continue to move down if it fails to stay above the $61.00 and $58.50 supports.
Neo Price Chart Analysis
There was a heavy downside move from well above $80.00 in Neo price against the US Dollar. The NEO/USD pair declined and moved below the $74.00 and $70.00 support levels.
The chart suggests that the price even broke the $60.00 support level once and traded as low as $58.37. Later, it started an upside move and corrected above the $61.00 and $62.00 resistance levels.
The price even traded above the 38.2% Fibonacci retracement level of the last decline from the $77.30 high to $58.37 low. However, the price faced a major hurdle near the $69.00-70.00 zone. The 100 hourly simple moving average, which is currently at $67.00 acted as a major barrier.
Moreover, there was no close above the 50% Fibonacci retracement level of the last decline from the $77.30 high to $58.37 low. More importantly, there is a monster bearish trend line in place with resistance at $68.00 on the hourly chart of NEO/USD.
At the moment, the pair is trading near the $63.50 level, with an immediate support at $62.00. However, the most important support is near $60.00-61.00. If buyers fail to push the price above $68.00 and the 100 hourly SMA, there could be more losses.
A break below the $60.00 support may perhaps call for more losses below the $58.00 level in the near term. On the flip side, a successful close above the $68.00 and $70.00 resistance will most likely push neo price back in a bullish zone.
Trade safe traders and do not overtrade!
