NEO price analysis: NEO/USD struggling with 50% Fibonacci resistance; Switcheo exchange partners with NEO’s wallet 03

• NEO price must fight to keep the support at $38.00 (38.2% Fibo) to stay away from extended declines.
• The customers at Switcheo will have access to the exchange right from their 03 wallets.

The majority of cryptocurrencies recorded gains over the last weekend. However, the situation is not the same on Monday as most of the digital assets have engaged reverse gears trimming the gains accrued during the weekend. NEO price is not different, it is currently correcting lower after breaking the support formed at $40.00 – $39.00.

NEO/USD after the sharp declines that took place during the Asian trading hours, it is battling with the resistance at the 50% Fib retracement level with the last swing high of $41.03 and a low of $36.26. The technical indicators are sending bearish signals and the path of least resistance is to the downside in the near-term. The stochastic RSI is making advances south while the price is trading below the moving averages, of which the gap is widening to show the rising selling activity. NEO must fight to keep the support at $38.00 (38.2% Fibo) to stay away from extended declines.

The decentralized exchange built on NEO blockchain, Switcheo announced that it is partnering with NEO wallet 03. This wallet was designed to be used by NEO’s smart contracts and Switcheo makes the first cryptocurrency exchange to join the 03 decentralized application platform. Using this partnership, the customers at Switcheo will have access to the exchange right from their 03 wallets. The wallet platform makes it easy for NEO smart contracts users to better manage their funds without compromising on security.

NEO/USD 15′ chart