NEO price analysis: NEO/USD back above $44 after falling to new lows of 2018 on Monday

  • NEO recovered from Monday losses, the upside is limited.
  • Weak recovery might signal that new sell-off is coming.

NEO. 11th digital coin with the market cap $2.9B is changing hands at $44.63, over 2% lower since the beginning of Tuesday. The coin recovered from Monday’s low at $42.54, but the upside momentum faded away pretty quickly. NEO is most actively traded at CoinEgg against BTC, followed by Binance and OKEx.

NEO’s technical picture looks dire, though there are no NEO-specific reasons for the decline, The coin mostly follows the general pattern of the cryptocurrency market that is licking the wounds after the weekend crash. NEO is still 62% higher on y/y basis, which is better that Ethereum (+42%), but worse than Bitcoin (+163%)

From the longer-term perspective, NEO/USD has to move above $50.00 to have a chance for an extended recovery. Once the said resistance is broken, the upside may be extended towards $59.40 (another downside trend line), and to 50-DMA at $64.65. On the downside, the support is created by new 2018 low at $42.63, followed by psychological $42.00 and $31.15, which is the lowest level since December 22, 2017.

NEO/USD, the daily chart

 

 


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