NEO price analysis: Bulls face tough resistance at $11.00
|- NEO/USD is doing well, but the upside may be limited.
- Intraday RSI gets close to an overbought territory.
NEO is doing well with nearly 3% growth since the beginning of the day. The 17th largest coin with the current market value of $705 million surpassed $10.90 handle, which increased the bullish bias. At the time of writing the coin is changing hands at $10.90 amid growing volatility.
Considering that the intraday RSI points upwards, the short-term trend may gain traction, however, the bulls should be careful as the indicator came close to an overbought territory.
Looking technically, NEO/USD is capped by $11.00 handle. This resistance is created by SMA50 (4-hour), SMA100 and SMA200 (1-hour). Once this barrier is out of the way, the recovery may gain traction with the next focus on $11.63 (SMA100 4-hour) and psychological $12.00.
On the downside, the initial support comes at $10.70 (SMA50, 1-hour). It is followed by the intraday low of $10.45 and $10.00
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