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- NEO Faces Uphill Struggle in Sustaining Upside Momentum
NEO Faces Uphill Struggle in Sustaining Upside Momentum
The Neo (NEO) is losing 7.5% to $12.00 since the beginning of the week. While this is a notable drop for a single day, it is considerably less than the earlier downturn of 16%. The token had initially experienced a 16% loss before making a recovery above the uptrend support. The prevailing reason for this significant fluctuation can be attributed to the broader correction within the crypto market. Bitcoin, for instance, saw an 8.0% reduction, falling to $40,298 per coin before a partial rebound to $42,500. Consequently, NEO prices are predominantly influenced by the overall market movements.
The decline in the crypto market lacks a singular explanation, with several theories suggesting strong overbought tension and profit-taking. Additionally, the robust U.S. labour market report last Friday is seen as a contributing factor to the correction. The report has diminished the likelihood of a Fed interest rate cut in March, thereby tempering bullish sentiment.
As of now, there have been no specific developments in the crypto market to pinpoint the cause of the decline. Fortunately, NEO prices have managed to recover above the support of the uptrend. If they can maintain this position, there is potential for an upward movement beyond the $12.50 resistance level, aiming for $15.00.
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