- NEO has been moving in sync with the global market.
- The coin is sitting in a tight range, vulnerable to new losses.
NEO, currently the 21st largest coin with the total market value of $498 million, has lost 3.5% in recent 24 hours and about 2% since the beginning of the day. While the coin has retreated from the recent low of $6.71 (September 26) and recovered above $7.00; however the coin is still vulnerable to further losses. The coin has lost over 20% in recent seven days.
NEO/USD, the technical picture
NEO/USD has recovered from the recent low, but the upside momentum seems to be limited. The coin is locked in a tight range with the support created by $7.00 strengthened the lower line of four-hour Bollinger Band and the resistance at $7.20 (the middle line of four-hour Bollinger Band). A sustainable move in either direction will help to build momentum.
On the upside, the next resistance is created by SMA50 (Simple Moving Average) four-hour at $7.70. Once it is out of the way, the upside is likely to gain traction with the next focus on $8.00 and $8.57 ( SMA100 four-hour).
On the downside, a sustainable move below $7.00 will open up the way towards the recent low of $6.70.
NEO/USD, a four-hour chart
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