- NEO is one of the worst-performing coins due to possible regulatory issues.
- Weak recovery might signal that new sell-off is coming.
NEO is the 11th digital coin with the market cap $2.5B, is changing hands at $39.00, nearly 4% lower since the start of the day. The coin recovered from June 13 low at $35.73, which is the minimum since December 2017, but the upside momentum quickly faded away.
NEO’s technical picture looks gloomy even though other coins settled in ranges. NEO community discuss the possibility of NEO being declared security by US SEC. While the chances of such outcome are low, some kind of FUD may be happening.
NEO lost over 25% of its value in a week and became one of the worst performers among the top coins. While it is still 40% higher on yearly basis, a move below $30.00 will throw it back in the predominant range of 2017.
From the shorter-term perspective, NEO/USD is supported by $38.80, created by upside trend line visible on the 30-min chart. If it is broken, the sell-off may be extended towards 35.73, which June 13 low. The next support is critical $30.00 handle. On the upside, the recovery is capped by 39.80 (50-SMA, 30-min chart) and by 41.30 (200-SMA). A sustainable movement above $42.00 will give a hope for an extended recovery.
NEO/USD, 30-min chart
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