- NEO price under resumed pressure, down over 1%, $53 territory likely to be difficult to overcome within the near-term.
- Bulls have failed to build on momentum, since the breakout of descending channel pattern. Support seen at $52.80 and $51.60.
The NEO price was nursing losses of over 1% in the latter stages of trading on Thursday, seeing another stagnant performance for the crypto. NEO/USD during the session broke an ascending trend line, that had been supporting the price, running from 29th May.
Since the break lower, NEO/USD has since been flirting with the 50% Fibonacci, managing to find support here. There has been a lack of momentum from the bulls, following the exposure to the north from a descending channel pattern, this was breached on 5th June.
Resistance is now likely to be seen underneath the previously supporting trend line, the barrier is now tracking at $53.60. In terms of levels of significance to the downside, 50% Fibonacci seen at $52.80, then $51.60, the 61.8% Fibonacci and also in proximity to 5th June lows.
NEO/USD 60-minute chart
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