Neo [NEO] trades in red as market remains bearish: Technical Analysis

The digital asset market has continued its downward trajectory with Neo [NEO] sinking well below its new support level. The increasing seller pressure pulled the 18th most valuable cryptocurrency down to make it trade in red. Since, the price of Bitcoin [BTC] felll below $3400 mark, the others altcoins followed in the downward spiral. Previously, when the market remained is dismal condition, Neo [NEO] has fell around 4.3% in the last seven days and plunged almost 62% in the past one month.

NEO/USD
The MACD indicates that the digital asset is trading well into the bearish zone. The 100 EMA line, at the time of writing, shows that the cryptocurrency is locked in a downtrend. The token, at press time, is trading below the newly formed support level, which can be found at $5.94.

At present, the hourly RSI indicator is marked at 36.5, which implies that the virtual asset is facing intense selling pressure and is advancing the level of being oversold in the market. The total market cap of the digital currency stands at $369.47 million, as per the data from CoinMarketCap. The coin has slid almost 5.09% against the U.S. dollar and is currently trading at $5.64.

Neo [NEO] price chart

NEO/BTC
The digital asset has moved down nearly 1.17% against Bitcoin [BTC] with one NEO valued at around 0.00171087 BTC.

Neo [NEO] Latest Updates
NEO Global Development (NGD) updated the consensus document to further elaborate on the plans to promote the decentralization process. The first step towards decentralization is the node decentralization. The NEO MainNet has seven consensus nodes. Netherlands-based telecommunications company, KPN, and open-source community group, City of Zion, host one node each. The rest of the five nodes are hosted by the NEO Foundation in various regions spread all across the globe.