NEO price analysis: NEO/USD comes down the lowest level of 2017 amid global crypto sell-off

  • NEO has lost 2% since the start of the day, among the worst performers on Monday.
  • New lows loom large as long as the coin stays below $50.00.

NEO. 11th digital coin with the market cap $2.9B, lost over $7B of its value in June amid massive cryptocurrency sell-off, caused by tighter regulatory approach towards cryptocurrency exchanges and a new hack attempt in South Korea. NEO/USD is trading at $44.32 after falling to $42.78 on Monday. NEO is most actively traded at CoinEgg against BTC, followed by Binance and OKEx.

NEO’s technical picture looks rather depressive, as the coin set the new 2018 low. While the coin has recovered since that time, it is still 2% down since the start of the day, having lost nearly 9% in recent 24 hours. 

From the longer-term perspective, NEO/USD is capped by sloping trend line at $50.00. Once it is broken, the upside may be extended towards $59.40 (another downside trend line), followed by 50-DMA at $64.65. However, the chance to see NEO that high is pretty slim as long as the crypto market is dominated by bearish sentiments, On the downside, the support is created by new 2018 low at $42.78, followed by $42.00 and $31.15, which is the lowest level since December 22, 2017.

NEO/USD, the daily chart 

Leave a Reply