- NEO bears continue with gain slashing exercise further endangering the $10 support.
- On the upside, a falling triangle breakout awaits the bulls.
The depression in the cryptocurrency market continues to hit new levels. Cryptos are largely in the red led by NEO which has sunk 2% on Friday. The digital asset commenced the trading at $10.594 (also the intraday high). The only price action NEO has made today is bearish where it touched lows of $10.31.
In the meantime, NEO is trading at $10.37 while its immediate upside is limited by the 50 Simple Moving Average (SMA) on the one-hour chart. In case, the buyers reverse the ongoing downtrend, NEO could soon find itself in a falling triangle breakout likely to retest $13 resistance.
The Relative Strength Index (RSI) shows that NEO’s downtrend is gaining traction. If RSI slides into the oversold, expect NEO to slip beneath the $10 support. This could be detrimental as the price could easily disintegrate towards the $7 key support.
NEO/USD one-hour chart
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