NEO has really been taking a beating the last couple of days. Many analysts were calling for $160+ range and some called for a pullback to $120 ~ $118 range before surging that high. But alas, the pullback went far deeper than most anticipated.
This recent action is almost certainly embroiled in news and accusation of NEO not being able to scale and any one Masternode going offline during consensus being able to bring down the whole system. Da Hongfei has taken to the news to debunk the statements of his own chief of engineering, stating he vastly oversimplified the explanation for what was happening and to reassure all that NEO is simply moving through some growing pains.
In the meantime, I'm sitting on the sidelines having shorted NEO when it's descent started at the first whiff of this uproar. For the time-being, I consider NEO to be in free-fall with no suitable support levels in sight to gauge it. Zooming out, you can see where I've placed a bold blue uptrend line to mark where I would normally expect NEO's floor to be:
