- NEO selling pressure intensifies, dropping over 20% in the past six sessions.
- Support at $44.00 has been breached, which could expose NEO/USD to a move down to $30 territory.
The NEO price has been butchered by market bears over the past couple of sessions, under heavy selling pressure since 9th June. There are no current signs of a slowdown from this momentum to the downside, as the price is hit again on Monday. Down 4.50%.
NEO/USD dropped from $55.50 down to lows seen today, Monday, of $42.54, losing around 20% in value in the past 6 days. The bearish trend gained force after a breach was seen on 22nd May, where the price broke out of a long-running trend line, which dates back from September 2017.
Technically, NEO still appears vulnerable to further downside, after the lows on 6th April around the $44 mark were taken out, originally eyed as potential support. Next potential target area could be as low as the mid to early $30 territory. There isn’t much in terms of resistance seen on the daily until around $47.95.
NEO/USD daily chart
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