Crypto Technicals: NEO/USD finds strong support at 200-DMA, break below will accentuate weakness

NEO/USD chart - Trading View

Exchange - Bitfinex

Support: 11.16 (200-DMA); Resistance: 12.14 (21-EMA)

Technical Analysis: Bias Bearish

NEO/USD slumped over 9% on Bitfinex overnight from session highs at 12.25 to lows at 11.03.

The pair finds major support at 200-DMA (11.16), break below required for further downside.

Technical indicators are turning bearish. Break below 200-DMA will accentuate weakness.

GMMA indicator shows shift in major trend and Stochastics RSI is showing a rollover from overbought levels.

Upside has failed at 21-EMA resistance and 'Inverted Hammer' formation dents upside. RSI is well below 50 levels and MACD and DMI support weakness.

Next major support below 200-DMA lies at 10.15 (trendline). Breakout above 21-EMA negates near-term bearishness.

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