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NEO Could Hit The Floor

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NEO (NEO)


Market Cap: $3.39B

Circulating Supply: 65M NEO

Max Supply: 100M NEO

Volume (24h) $79.80


Technical Analysis


NEO/USD is trading in the red and seems determined to extend the current drop. It has failed to stay higher and now moves towards important support levels. The major cryptocurrency drops as the crypto market is in the red again.

It could drop further in the upcoming days if Bitcoin, Ethereum, etc. will resume the bearish momentum. Several false breakdowns and some rejections have signalled that the crypto pair could drop further in the short term.


 

The price has escaped from the ascending pitchfork’s body and now could drop towards the 50.00 psychological level. The drop was confirmed by the false breakout above the lower median line (lml) of the ascending pitchfork and after the valid breakdown below the sliding line (sl) of the ascending pitchfork.

Right now we need a confirmation that the crypto will drop further. It has slipped below the SL of the major descending pitchfork and below the 150% Fibonacci line of the ascending pitchfork. Only a valid breakdown below the mentioned lines and below the upside 50% Fibonacci line of the minor descending pitchfork will signal and will really confirm a drop towards the UML of the major descending pitchfork and towards the sliding line (sl1) of the minor descending pitchfork.

I’ve drawn a descending pitchfork to show you that the rate is trapped within a down channel. A further drop could be invalidated only by a valid breakout above the upside sliding line (sl) of the minor descending pitchfork.


Conclusion


NEO/USD will drop further if it will close below the 51.81 yesterday’s and today’s low and could reach the sliding line (sl1) and the median line (ml). The Stop Loss could be placed somewhere above the sl2.

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