- NEO/USD loses the title of the best-performing coin top-20.
- The coin has settled above SMA200 daily.
NEO reached the bottom at $10.144 on October 30. The coin had been recovering within the range and broke above critical $11.00 on Monday. It was a hard nut to crack for NEO bulls as it was strengthened by SMA200 (Simple Moving Average) daily.
At the time of writing, NEO/USD is changing hands at $11.16, mostly in recent 24 hours. NEO is the 17th largest digital asset with the current market value of $786 million; an average daily trading volume is registered at $520 million.
NEO/USD, the technical picture
From the longer-term perspective, a sustainable move above SMA200 daily bodes well for NEO bulls. The price needs to move above $12.00, to extend the recovery towards $12.70 (the upper line of the daily Bollinger Band) and psychological $13.00. The ultimate resistance awaits us on approach to the recent high of $13.45.
On the downside, the critical support is created by $11.00. Once it is out of the way, the sell-off is likely to gain traction with the next focus on psychological $10.00 and $9.20. A confluence of SMA100 and the middle line of the Bollinger Band on a daily chart clustered around this level makes it especially stronger. A sustainable move below this area will increase the downside pressure with the next focus on $8.40 (SMA50 daily).
NEO/USD, daily chart
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