NEO Price Analysis

Neo Price Analysis: NEO/USD Accelerating Losses Below $50

Neo price failed to hold an important support at $51.00 and declined against the US Dollar. NEO/USD could accelerate losses towards the $48.50 and $46.00 levels.

Key Talking Points

  • Neo price is currently under a lot of pressure below the $51.00 and $50.00 levels against the US Dollar.
  • The NEO/USD pair is currently attempting a downside break below a declining channel with support at $49.15 on the hourly chart (data feed by Bitfinex).
  • The pair is likely to accelerate declines below $49.00 towards the $48.50 and $46.00 levels.

Neo Price Chart Analysis

In the last analysis, we discussed that Neo price could decline if it fails to break $55.00-56.00 against the US Dollar. The NEO/USD pair did move down and broke many supports, including $54.00 and $52.00.

The chart suggests that the price came under a lot of pressure below $55.00. Earlier, there was a slight recovery from the $49.97 low and the price moved above the $55.00 level. However, the upside move was capped by $56.50, resulting in a sharp downside move.

Neo Price Analysis Chart

There was also a failure to settle above $55.00 and the 100 hourly simple moving average. Later, the NEO/USD pair started following a declining channel with resistance at $53.00 on the hourly chart.

Sellers gained control and pushed the price below the $50.50 and $50.00 levels. At the moment, the NEO/USD pair is attempting a downside break below the same declining channel with support at $49.15.

Should sellers succeed, the price could decline below $49.00 and it may well test the 1.236 Fib extension level of the last wave from the $49.97 low to $56.34 high at $48.47. Below this, the price may decline further towards $48.50 and the 1.618 Fib extension level of the same wave.

If there is an upside correction, the price may face sellers near the $50.00 level. Above $50.00, the next major hurdle is close to the $50.80 level, which was a support earlier. The last crucial barrier above $50.80 is near $53.00 and the 100 hourly SMA.

The market data is provided by TradingView.

Aayush Jindal
About author

Aayush has spent over a DECADE as a financial markets contributor and observer. He specializes in market strategies and technical analysis, comes with an IT background. He possess strong technical analytical skills and is well known for his entertaining and informative analysis of the currency, commodities, Bitcoin and Ethereum markets. He is a software engineer by profession, loves blogging and observing financial markets Reach Aayush via email: [email protected]
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