- NEO is one of the biggest losers of the day, down 3.5% on a day-on-day basis.
- The upside is limited by a strong technical barrier at $12.00.
NEO hit the intraday low at $11.69 and recovered towards $11.80 by the time of writing. The 18th largest digital asset with the current market capitalization of $838 million has lost over 3.5% on a day-on-day basis and 2.5% since the beginning of Tuesday. NEO topped at $12.59 on August 5 but failed to hold the ground.
What’s going on
NEO Global Development (NGD) has made significant progress with NEO3 development in July, according to the recent report published by the project. NEO3 is supposed to be the next iteration of NEO after the deployment of the neo-cli v2.10.2 upgrade in June.
“Improvements to the upcoming NEO3 codebase merged this month include consensus improvements, such as increased communication between nodes during times of trouble. A newly added “ChangeView.Reason” may allow for custom logic during and after “view changes” that occur when a proposed block is not approved,” the report says.
In a separate development, the project partnered with Ontology to create a cross-platform interoperable protocol.
NEO’s technical picture
Looking technically, a sustainable move above $12.00 (the middle line of 4-hour Bollinger Band) is needed to mitigate the selling pressure and allow for an extended recovery towards $12.23 (the upper border of 4-hour Bollinger Band) and to the recent high of $12.59. The next barrier is created by psychological $13.00, strengthened by SMA100 on a daily chart.
On the downside, the initial support is created by the lower line of 1-hour Bollinger Band, SMA200 1-hour SMA50 4-hour at $11.70. Once below, the sell-off may continue towards $11.00.
NEO/USD, 4-hour chart
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