- Crypto market in the red for the second week in a row.
- NEO risks declines below $10 unless the bulls can pull back above $12.5.
The market has opened the new week in shambles. Literally all the major cryptocurrencies are drowning unable to even gasp for air. NEO price has not been spared either. The asset is also victim to a fresh round of declines after last week’s declines failed to find support $13.00.
These declines come at a time when the market is receiving news of a crypto ETF that has been approved in Switzerland. However, the bear pressure has continued to dominate the market while giving a blind eye to the ETF. Details on the world’s first crypto ETF can be found here.
Before last week plunge, NEO had opened November making a good progress above $17.00. However, the bulls could not sustain growth heading to $18.00 with $20.00 staying in sight but remaining out of reach. The price reversed the trend, amid the falling prices in the larger crypto market. NEO not only slipped below the support at $15.00 spiraled below $13.00 and tested the support at $12.00.
Consolidation above $12.50 took a few days. Besides, the weekend trading was without high volatility. However, the same cannot be reiterated today, Monday 19 when NEO/USD resumed the journey south putting the primary support at $10.00 in acute danger. NEO currently trades at $10.8 after a minor correction from the lows of $10.55. Applied technical indicators show that the bear pressure is here to stay. For example, the RSI is stuck in the oversold while the fast stochastic oscillator is pointing downward. The above indicators have been stuck in the danger zone since the opening of the session today.
NEO/USD 1-hour chart
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