- NEO/USD recovered from the recent low, still under $12.00.
- The initial support is created by SMA200 on a daily chart.
NEO is the best-performing altcoin out of top-20 on Wednesday. The coin with the current market capitalization of $839 million climbed from 17th to 16th position in the global cryptocurrency market rating compiled by CoinMarketCap. At the time of writing, NEO/USD is changing hands at $11.90, off Tuesday’s low registered at $11.10.
NEO/USD, the technical picture
From the longer-term perspective, the recent low of $11.10 serves as strong support, reinforced by SMA200 (Simple Moving Average) daily. Once it is out of the way, the sell-off may continue towards the next psychological barrier $10.00 with the lower line of the daily Bollinger Band located on approach. The next support is created by a confluence of SMA50 and SMA100 at $9.30.
On the upside, NEO/USD recovery is initially capped by $12.00 and the upper line of the daily Bollinger Band at $12.92, which is closely followed by psychological $13.00. This barrier may attract new short-term sellers and push the price back inside the range. However, once it is broken, the recovery is likely to gain traction with the next focus on the recent high of $13.40.
NEO/USD, 1-day chart