- NEO dropped to $16/14 during Asian hours.
- Feeble recovery cannot take the price above key resistance.
NEO, now 15th largest coin, is trading at $16.39 to press time. The coin has recovered from the Asian low at $16.14; however, the upside momentum is too weak to take it above critical $17.00 NEO has a market value of $1B and an average trading daily volume of $96M.
Meanwhile, NOE traders report the delay of transactions processing.
“There is a backlog of transactions on the NEO blockchain right now. Because of this transactions are not going through both from and to the O3 app. You can check the number of pending transactions in the send screen. Unfortunately, there is nothing we can do about this on O3 side,” the team of cryptocurrency wallet O3 Labs tweeted recently.
NEO’s technical picture
On the intraday level, NEO/USD recovery is capped by a confluence of 1-hour SMAs clustered on approach to psychological $17.00. The bulls need to clear this hurdle to take the price the next aim at 17.20-30 congestion zone. On the downside, the critical support is created $16.00. Once below, the sell-off may be extended towards $15.80, October 15 low.
NEO/USD, 1-hour chart
Share
