NEO price analysis: NEO/USD gains 4% on a daily basis; further recovery limited
|- NEO is the biggest winner out of top-20.
- A move above $12.00 is needed to increase the short-term bullish potential.
NEO has been one of the best-performing cryptocurrencies out of top-20 in recent 24 hours. The coin, which now takes the 20th place in the global cryptocurrency market rating with the current market capitalization of $770 million has grown by 4% since this time on Monday; however, the upside momentum is fading away during Asian hours. NEO/USD hit $12.58 late on Monday and slipped to $11.85 by the time of writing.
NEO's technical picture
On the intraday interval, the local resistance awaits the coin at $12.00. This barrier is followed by $12.30 (the upper boundary of the 4-hour Bollinger Band) and Monday's high at $12.58. A sustainable move above this area will open up the way towards the next bullish aim of $13.00 and $13.40 (the recent high reached on May 16).
On the downside, the initial support lies with $11.40 (the middle line of 4-hour Bollinger Band). It is closely followed by SMA50 4-hour and SMA100-1-hour at $11.30 and psychological $11.00, strengthened by DMA50. Once it is cleared, the downside is likely to gain traction with the next focus on $10.42 (the middle line of 1-day Bollinger Band).
NEO/USD, 4-hour chart
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