- NEO/USD manages to develop a bullish momentum on intraday level.
- The long-term recovery is capped by 50-DMA.
NEO, the 13th largest coin, is trading at $27.97 to press time, within the long-term downside trend. The coin has recovered from from Saturday’s low at $26.15, to trade 5% higher on a daily basis and 1% higher since the beginning of Monday. NEO has a market value of $1.8B and an average trading daily volume at $52M.
NEO’s technical picture
On the intraday level, NEO/USD recovery is capped by $29.55 (200-SMA, 1-hour chart), followed by psychological $30.00. Once it is broken, NEO/USD may extend the recovery towards $33.65 resistance, created by 50-DMA. The coin has been trading below this technical level since this mid-May.
On the downside, the short-term support is created by 100 and 50-SMAs (1-hour chart), now at $27.23 and $27.59 respectively. If the bears manage to push the price lower, the downside may be extended towards $27.00 with the next critical support seen as low as $26.00.
NEO/USD, 1-hour chart
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