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  • NEO/USD upside is capped by 50-DMA.
  • The downside looks like a correction as long as $36.25 remains unbroken.

NEO, the 12th largest coin, is trading at $36.64 to press time, having lost over 7% on a daily basis amid global correction after a strong rally, registered on the cryptocurrency market at the beginning of the week. China’s flagship coin has a market value of $2.3B with an average trading daily volume at $136M.

NEO’s technical picture

NEO managed to recover strongly from  the recent low at $27.03 registered on June 29; however, 50-DMA (currently at $39.68)on approach to the psychological $40.00 proved to be a hard nut to crack for NEO bulls.  

On the downside, a lower board of the recent consolidation range at $32.00 creates strong support for the coin. It is likely the correction and motivate new buyers to join the game provided that the overall sentiments on the cryptocurrency market remain positive. The next support areas are spotted at   $30.00 and$27.00.  

On the intraday level, the picture looks bullish as long as the price stays above 100-SMA at $36.25.

NEO/USD, the daily chart