NEO Price Analysis: NEO settles in a range with downside bias

• NEO/USD bears challenges $9.00 barrier amid a quiet Wednesday session.
• The initial resistance is created by SMA100 on the 1-hour chart.  

NEO, the 18th largest cryptocurrency with the current market value of $655 million, created a recovery high at $9.61 on November 25. Since that time, the coin has been sliding, moving within the downward-looking trend. At the time of writing, NEO/USD is changing hands at $9.20, off the intraday low of $9.09. The coin has lost 1.2% of its value since the beginning of the day and stayed unchanged in recent 24 hours.

NEO/USD, the technical picture

On the intraday level, NEO’s recovery is capped by a combination of SMA100 (Simple Moving Average) and the upper line of 1-hour Bollinger Band located on the approach to $9.40. Once it is out of the way, the upside is likely to gain traction with the next focus on  the recent high of $9.61 and psychological $10.00 reinforced by SMA200 1-hour. Notably, NEOÚSD has been trading below this MA since November 18.

On the downside, important support is created by psychological $9,00. This barrier is strengthened by the intraday low and the lower line of 1-hour Bollinger Band. A sustainable move below this handle will trigger more sell-off towards $8.60 (the recent low and the lower line of 4-hour Bollinger Band).  The next support awaits us on approach to psychological $8.00.

NEO/USD, 1-hour chart