- NEO has been one of the best-performing altcoins.
- The upside momentum may fade away on approach to a strong barrier.
NEO, currently the 18th largest coin with the total market value of $689 million, is one of the best-performing coins out of top-20. NEO/USD hit the recent high at $9.90 and retreated to $9.80 by the time of writing. Despite the decrease, NEO is still 10% higher from this time on Saturday, and 5% higher from the beginning of Sunday.
NEO/USD, the technical picture
Looking technically, NEO/USD broke above the resistance created by SMA100 (Simple Moving Average) daily at $9.30. This is a strong bullish signal that allowed for the upside trend to gain traction. Notably, NEO/USD moved above SMA100 daily for the first time since mid-July. Now that it is cleared, psychological $10.00 has come into focus. A sustainable move above this handle will open up the way towards SMA200 daily at $11.00.
On the downside, the initial support is created by the above-mentioned SMA100. It is followed by SMA50 daily on approach to $8.00. If it is broken, the sell-off may continue towards $7.40 (the middle line of the Bollinger Band on a daily chart).
NEO/USD, the daily chart