NEO price analysis: The bounce is done, now journey to the south

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  • NEO price retraces after the bounce.
  • Long term charts suggest recent lows won’t hold.

Long term charts of NEO suggest, it is done with the immediate bounce that was long overdue and its ongoing journey to the bottomless pit is ensuing again.

NEO/USD is down about a percent on day at $33.86, not far from day’s low of $33.598. On the daily chart, apart from retracing from 21 days simple moving average, NEO has also faced stiff resistance in the form of a descending trendline and has failed every time it tried to cross past it.

Immediate support is now placed at $30, break of which will put recent low of $27 at risk of breach, which is quite likely given the lack of momentum for this crypto.

NEO/USD daily chart:

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