NEO/USD Significant Losses. Bears in Play?
NEO / Dollar BITFINEX:NEOUSD
The currency pair has lost nearly nine percent in the past 24 hours. NEO looks like ending its upside correction and return to the bearish tendency. NEO/USD form a kind of flag on the Hourly chart meaning the currency pair has further potential to fall.
Let’s see what is going on with NEO on the Hourly chart. The currency pair has crossed several support areas during the weekend and stopped at $44.55 support area . NEO/USD is consolidating in the moment of writing. The possible ways for the currency pair are the following:
1. Red scenario ( bearish ). NEO/USD will break through $44.55 support are and move lower., targeting the next support area at $41.51.
2. Orange scenario (neutral). The currency pair will stay within the current range limited by the resistance area at $48.08 and the support at $44.55 without significant changes.
3. Green scenario ( bullish ). NEO will cross the resistance area at $44.55 and move higher targeting the next resistance at $50.24.
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