NEO / USD has now also left the large support zone of $45.00, which can be interpreted as a very bearish sign.
It is striking that the downward correction movements have gradually slowed down the sales momentum. This is symbolically marked by the three red arrows.
While the selling pressure at the turn of the year was still very enormous, as can be seen from the steep angle of the downmove, the volatility in the last part has strongly decreased. That suggests the ground may not be very far now. However, there is currently no sustainable sign of this.
It is quite possible that NEO will hit $25.00 before prices stabilize at this level.
However, the counter-movement then has it very difficult, due to the established resistance, on the way to the top. A first major resistance can be found in the $45.00 range. This was the former support zone, which has now become a resistance.
In addition, the next sellers are lurking in the $60.00 range. Only above the price of $78.00 on an EOD basis can the NEO/USD market be considered neutral again. Only there are increased probabilities of starting a new upward trend.
This is NOT investment advice and does not require buying or selling. Every reader is aware of this and makes their own investment decision with their own understanding of risk management!
Cheers Jessy
