NEO price analysis: This reversal threatens key support; NEO Global Dev Monthly report is out

• NEO price is trading in a contracting triangle pending a breakout.
• NEO launches CNEO and CGAS contract assets in support of the growing dApp ecosystem.

The signals in the cryptocurrency market are mixed red and green. NEO particularly is sending bearish signals. Besides, the ongoing reversal is threatening to break the key support. Last week NEO/USD made a nice rebound from the major support at $17.50. The digital asset retraced above $20.00 but stalled on reaching the swing high at $20.66. The declines that followed over the last weekend consolidated in a contracting triangle pattern.

At present, NEO price is range bound with the upper limit at $19.25. At the same time, the downside is protected at the short-term support at $18.25. The bullish trendline is offering support as well. Generally, the prevailing trend is bearish, especially now that NEO is trading below the hourly 50SMA and the 100SMA.

A break out of the triangle is expected soon, likewise, it is likely NEO will break down further towards the primary support at $17.50. But before that, the trendline support and $18.00 will try to stop the trip downstream. On the flipside, if the buyers find an entry and escape the triangle resistance around $19.00, NEO could gain momentum to past $20.00.

In other news, NEO Global Development monthly report has been released. The report highlights the developments the network has been working on through September 2018. Some these developments include the NEO-CLI 2.9.0 and Akka framework, the newly launched CNEO and CGAS contract assets that have been designed for rapidly growing decentralized applications ecosystem. NEO Global also announced the NEO vulnerability bounty program that shows the network’s commitment to security. For these and more details visit the blog website.

NEO/USD hourly chart