- NEO suffers massive losses after failing to breach $7.0 resistance.
- Technical conditions remain generally negative as recovery continues to be hampered.
NEO is among the worst-hit digital assets in the recent overwhelming declines. The push to correct above $7.6 failed; a move that left a gap that has been explored by the bears. The tentative support at the Simple Moving Averages (SMA) did little to prevent losses. The bearish leg extended under $7.2 and $7.0 respectively. However, the high congestion of buyers between $6.6 – $6.8 cushioned and put an end to the drop.
Meanwhile, NEO’s recovery has not been able to break above $7.0. For now, the price is teetering at $6.82 after losing 1.45% on the day. The Relative Strength Index (RSI) is showing extremely oversold conditions but NEO is still unable to pull out of the ‘crypt.’ Moreover, the Elliot Wave Oscillator has started another bearish session following the shallow recovery.
On the brighter side, the Moving Average Convergence Divergence (MACD)’s gradual upward slope suggests that buying power is still present. As long as the price stays above $6.8 support, the buyers would have a chance to focus on levels higher than $7.0.
NEO/USD one-hour chart
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