- NEO is one of the worst-performing coins of June.
- The local resistance is seen at $29.50.
NEO has recovered from Asian low of $27.03 to trade at $28.28 at the time of writing. The coin has lost over 6% on daily basis amid global cryptocurrency sell-off. The 13th digital coin with market value $1.8B and average daily volume $62M has collapsed from $94.95 at the end of April to as low as $27.00
NEO is most actively traded at Binance with over 48% of trading volume attributed to NEO/BTC transactions. The coin has lost over 60% since the beginning of the year and over 47% in a single month of June.
Meanwhile, according to cryptocurrency trader Ran Neu-Ner believes that NEO is grossly undervalued and the coin will outperform in the next months.
NEO technical picture
On the downside, the local support is produced by $27.00, followed by $24.00, which is the lower line of the trading range that dominated for the most part of 2017. On the upside, the price must grow above $29.50 (50-SMA, hourly chart) for the recovery to gain momentum.
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