Crypto Technicals: NEO/USD holds major trendline support at 8.50, 'Death Cross' weighs

NEO/USD chart - Trading View

Exchange - Bitfinex

Support: 7.21 (88.6% Fib); Resistance: 9.21 (5-DMA)

Technical Analysis: Bias Bearish

NEO/USD consolidates previous session's losses, trades largely rangebound on the day at 8.75 at 07:50 GMT.

Major trend in the pair is bearish as indicated by the GMMA indicators. Technical studies on the intraday charts are biased lower.

Stochs and RSI on daily charts are sharply lower. MACD and ADX support weakness.

Price action holds support at major trendline support at 8.50, break below will see further downside.

'Death Cross' (bearish 50-DMA crossover on 200-DMA) weighs on the pair. Scope for test of 88.6% Fib at 7.21.

5-DMA is immediate resistance at 9.21, break above will test of 21-EMA at 9.91.

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