- The upside momentum has faded away as the price slipped under $11.00.
- The critical support is seen on approach to $8.00.
NEO, now the 18th largest coin with the total market value of $752 million, attempted a recovery on Thursday and reached $11.37; however, the price retreated below $11.00 to trade at $11.67 at the time of writing. NEO/USD has stayed unchanged on a day-to-day basis and lost over 5% since the beginning of Thursday.
Due to the retreat, NEO is one of the worst-performing altcoins out of top-20 on Thursday; however, it is still an outright winner on a week-to-week basis.
NEO/USD, the technical picture
Looking technically, NEO/USD returned to the area below $11.00. This barrier is strengthened by SMA200 (Simple Moving Average) on a daily chart. It needs to be cleared for the recovery to gain traction with the next focus on October 28 high at $13.45.
On the downside, the first support is created by the lower line of four-hour Bollinger Band located on the approach to a psychological $10.00. A sustainable move below this barrier will extend the sell-off towards SMA50 four-hour at $9.20. The next support awaits NEO bulls at $8.30 (SMA200 four-hour) followed by a confluence of SMA50 daily and the middle line of daily Bollinger Band at $8.20 and psychological $8.00. This area is likely to stop the sell-off; however, if it is broken, the bearish trend will gain traction and take the price towards psychological $7.00.
NEO/USD, the daily chart
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