NEO price analysis: NEO/USD stays above long-term trendline; community raises red flags about Bitpaction exchange

• NEO lost 6% on a daily basis but the longer-term bias is still positive.
• Bitpaction exchange stopped communicating with users, community members are concerned.

NEO has lost nearly 6% on a daily basis, though it is still above the long-term trendline, currently at $37.00. The stays at the 11th place with market value $2.5B and the average daily trading volume of about $133M.  

Meanwhile, some NEO ecosystem projects strongly recommend users to withdraw funds from Bitpaction exchange due to suspicious behavior of the exchange and its management. Thus, admins of the Bitpaction Telegram had been quiet for many days, and their Twitter account is dead. Bitpaction currently lists various NEP-5 tokens, including Master Contact Token (MCT), Bridge (TOLL), Orbis (OBT), Narrative (NRVE), Travala (AVA).

As of today, users of the platform continue to report that there is no communication from Bitpaction support.  

Neo technical picture

On the downside, the coin is well-supported by the above-mentioned long-term trendline, coupled with 50-DMA at $37.11.  The overall bias remains positive as long as the price stays above this area. The resistance is produced by $40.00 handle. Once it is broken, the recovery may be extended towards July 5 high at $43.56 followed by $45.00.  

NEO/USD, the daily chart