NEO price analysis: NEO/USD shows no signs of recovery, down 1.7% since the beginning of the day

• NEO is one of the worst-performing coins, drops to 13th place
• The key resistance at $50.00 is out of reach as of yet.

NEO dropped to the 13th place with current market cap $2B and average trading volumes $55M. It is changing hands at $31.26, mostly unchanged on daily basis and down about 1.5% since the beginning of the day. The coin touched $28.60 low on Sunday, it’s the first time the coin dipped below $30.00 handle since the end of November.  

NEO is most actively traded at Bitfinex with over 48% of trading volume attributed to NEO/BTC transactions. The coin has lost nearly 60% since the beginning of the year, however, it is still 12% higher than this time last year.  

NEO has been one of the worst performing coins as it failed to regain ground after a strong downside movement of the previous week. From the longer-term point of view, the upside is capped by the sloping trendline from February 27 peak, currently at $34.00. A sustainable move above this level is needed for extended recovery with the ultimate goal at $50.

On the downside, the local support is produced by Sunday’s low at $28.60, followed by $24.00, which is the lower line of the trading range that dominated for the most part of 2017.

NEO/USD, the daily chart