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  • NEO has been one of the best-performing altcoins.
  • The upside momentum has faded away on approach to a strong barrier.

NEO, currently the 21st largest coin with the total market value of %531 million, has gained 5% in recent 24 hours and about 2% since the beginning of the day. While the coin has retreated from the inytraday high of $7.54, it is still trading with short-term bullish bias at $7.40.  The coin has lost over 20% in recent seven days, despite some positive fundamental developments.

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NEO/USD, the technical picture

NEO/USD bottomed out at $6.71 on September 26. The coin has regained some ground since that time, by=ut the upside momentum is still too weak to claim that the worst is over.

On the upside, NEO recovery is capped by a confluence of the upper lines of four-hour and one-hour Bollinger Bands at $7.60. This barrier separates us from a strong psychological hurdle of $8.00. Once it is out of the way, the upside is likely to gain traction with the next focus on  $8.30 ( SMA50 (Simple Moving Average) four-hour) and $8.70 (SMA200 four-hour).  

On the downside, the initial support is created by the middle line of four-hour Bollinger Band at $7.25. It is followed by the lower line of the same Bollinger Band on approach to psychological $7.00 and the recent low of $6.70.

NEO/USD, four-hour chart