NEO/USD price analysis: Price goes down by 1.7% this Tuesday

• NEO/USD went down from $9.01 to $8.86 this Tuesday.
• Bulls need to defend support at $8.35.

NEO/USD bears dominated the daily market for the third session in a row. Over these sessions, NEO/USD had gone down from $9.50 to $8.86 with the price going down from $9.01 to $8.86 this Tuesday. If the bulls want to reverse this trend, then they will need to defend support at $8.35.

NEO/USD daily chart

The market has had a bearish breakout from the triangle formation over the last two sessions. The last session, in particular, has been extremely bearish for the following two reasons:

• The price has pierced the lower band of the 20-day Bollinger band.
• The price has also gone below the 50-day simple moving average (SMA 50) curve.

Both of these are bearish signs. The following indicators also show the overall bearishness of the market:

• Six out of the last seven sessions in the Elliot wave oscillator indicates that the overall market sentiment is bearish.  
• The moving average convergence divergence (MACD) indicator shows that the signal line is diverging away from the MACD line, which shows increasing bearish momentum.
• The relative strength index (RSI) curve is dipping towards the oversold territory.