- NEO faced a stiff resistance after bouncing from the lows.
- Headed downhill again after the bounce.
NEO price faced stiff resistance on the long term chart in its journey to the bounce after a sell-off that resulted in NEO falling to December lows of last year and now seems to be headed back to the lows again.
NEO/USD is down 4.5 percent on day at $19.742 not far off from day’s low. On the 720-minute chart, there is a stiff resistance in the form of a descending trendline that has not allowed bulls to cross past itself since end April and now again they failed to cross past it.
The risk now lies that NEO might reach recent lows and even break below that, immediate support that is placed around $18.75.
NEO/USD 720-minute chart:
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