NEO has formed a bearish descending triangle pattern, which will complete on a breakdown and close below $65.
After the initial bounce from the lows of $49.04 on March 18, we had expected the bulls to strongly defend the $65 levels during the pullback. However, after failing to rise above $70 for the past three days, prices have now broken down of the support levels.
Next, if $49.04 level breaks, the NEO/USD pair can slide to $31.15 levels. Our bearish view will be invalidated if the bulls quickly reverse and sustain prices above $65.