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  • NEO dropped over 5% within an hour, after a sell-off was seen across the crypto market.
  • NEO/USD has outperformed the market firmly over the past couple of weeks, it isn’t too surprising to see some profit taking.

 

The NEO price was seen down over 5% in the latter stages of trading on Monday, this comes after a chunky amount of selling pressure was observed across the board. NEO/USD managed to catch some support within a descending channel pattern.

NEO/USD has lost much bullish momentum after the price was able to touch back above $43 on 5th July. NEO price action has since been very choppy, without a few commitment in direction, however grinding lower within a descending channel pattern.

Technically, viewing the 15-minute chart, as demonstrated in the session on Monday, a descending channel managed to catch the falling price. The near-term support is seen at $36.73, should the bulls build on this bounce seen, then next upside obstacles are; $38.00, 50MA, $38.38, 100MA and then $38.71, the upper part of the channel.

 

NEO/USD 15-minute chart