In our previous analysis, we had recommended long positions in NEO if it holds the $65 mark. Right now, we don’t see any significant buying support at this level. If the support breaks, a fall to the March 18th lows of $49.04 is likely.
Therefore, traders should wait for a bounce and initiate long positions after the NEO/USD pair breaks out $82. The stop loss can be kept just below the recent lows, and the target objective is a rally to the downtrend line of the descending triangle at $110.
Our bullish view will be invalidated if the cryptocurrency continues to slide below $65 levels.