- NEO/USD is doing well, but the upside may be limited.
- Intraday RSI points to a short-term sell-off.
NEO is doing well with over 8% growth on a day-on-day basis. The 16th largest coin touched $14.00 before retreating to $12.75 by the time of writing; however, the overall momentum is bullish as the price is moving within a rising channel. NEO’s market value increased to $837M, while an average daily volume is registered at $617M.
Looking technically, NEO/USD stays close to $13.00 barrier. Once it is cleared, the upside may be extended towards the next bullish target seen at $13.50 and followed by psychological $14.00. Considering that this level stopped the recovery on Wednesday, NEO bulls will have a hard time trying to take it out of the way.
Meanwhile, the intraday Relative Strength Index implies that the short-term risks are skewed to the downside with the local support created by $12.00 with 38.2% Fibo retracement and SMA50 (1-hour) located on approach. A sustainable move lower will trigger sell-off and take the price towards $11.64 (50% Fibo retracement) followed by SMA100 (1-hour) at $11.12.
NEO/USD, 1-hour chart
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