- NEO off the critical support level, but more upside is limited.
- Long-term trendline needs to be cleared for an extended recovery.
NEO, the 12th largest coin with market value $2.1B and the China’s flagship project, has gained nearly 3% since the start of the day amid nascent recovery on the cryptocurrency market. NEO/USD is changing hands at $33.12, off Thursday’s low reached at $31.39.
NEO’s technical picture
Despite the recovery, the technical picture still looks bearish as the price stays below the long-term sloping trendline, which is currently registered at $33.89. However, NEO/USD managed to recover above 50-SMA (1-hour chart), now at $3258. It serves as the initial support level for the intraday traing strategies. If we manage to clear the above-said trendline, recovery may be extended towards $36.78 (200-SMA).
NEO/USD, 1-hour chart
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