NEO price analysis: NEO/USD goes to the moon with 25% of gains
|- NEO has become the best-performing cryptocurrency out of top-20.
- The critical resistance is created by $20.00 handle.
NEO, the 18th largest coin with the current market value of $1.2 billion, has become the biggest gainer of the day out of top-20 coins. The coin has grown by 25% in recent 24 hours and traded as high as $19.80 on Saturday. This is the best level since the end of September 2018. At the time of writing, NEO/USD is changing hands at $18.27. Despite the retreat from the recent high, the coin retains a positive stance.
NEO's technical picture
Considering the steady growth within the recent 24 hours, NEO/USD is vulnerable to the downside correction that may take place in the coming days. The first barrier on the way down comes at $17.00 with the middle line of 10hour Bollinger Band located on approach. A sustainable move below this handle will open up the way towards the next psychological level $16.00 followed by $15.30 (SMA50 - Simple Moving Average - on 1-hour timeframe). This area is likely to slow down the correction and serve as the jumping-off ground for the next bullish leg.
On the upside, the strong resistance is created by psychological $19.00, it is followed by $19.40 (upper line of Bollinger Band on 1-hour chart) and the recent high of $19.80. The next hurdle awaits NEO bulls on approach to critical $20.00. Most likely, NEO bulls will have a hard time cracking this resistance, though, Once it is cleared, the upside will gain traction with the next focus on $25.30 (the highest level of September 2018).
NEO/USD, 1-hour chart
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