NEO price analysis: Short-term bulls face tough resistance at $10.40

• NEO/USD outperforms major altcoins.
• The recovery is capped by strong technical levels.

NEO bottomed out at $9.47 and regained ground to trade at $10.25 by the time of writing. The 17th largest coin with the total market value of $666 million is one of the best-performers of the day as it managed to recover Wednesday’s losses. NEO has gained over 2.5% in recent 24 hours, however, it is still 9% lower on a week-on-week basis.

NEO’s technical picture

On the intraday level, NEO/USD recovery is capped by  an upper boundary of 1-hour Bollinger Band (currently at $10.40); Fresh selling interest located on approach to this level, may trigger the downside correction. However, once it is out of the way  $10.80 (SMA100, 1-hour chart) followed by psychological $11.00 strengthened by SMA100 (4-hour) will come into focus. The next resistance is created by $11.35 ( upper boundary of 4-hour Bollinger Band)

On the downside, the initial support lies with $10.00 closely followed by the middle line of 1-hour Bollinger Band (currently at $9.90). A sustainable move lower will increase the selling pressure with the next aim at $9.60 ( a lower boundary of 4-hour Bollinger Band) and at the recent low of $9.47 coupled with  the lower boundary of 1-hour Bollinger Band.