NEO price analysis: Bulls drive NEO/USD above $13.00
- NEO/USD spikes above $13.00 amid strong bullish momentum
- The coin may extend the upside towards $15.37.
NEO reached the recent top at $13.27 during early Asian hours before retreating to $12.99 by the time of writing. The 17th largest digital asset with the current market value of $918 million, has gained nearly 15% on a day-to-day basis and 7% since the beginning of the day. While the coin has partially reversed the gains, it is still bullish in the short run.
NEO/USD, the technical picture
From the longer-term perspective, NEO/USD returned to the barrier created by the upper line of the daily Bollinger Band. Once it is broken, the sell-off may be extruded towards the next support area created by psychological $12.00 and the upper boundary of the previous consolidation channel at $11.70. A combination of SMA200 (Simple Moving Average) and the middle line of the Bollinger Band on on a daily chart create pivotal support on approach to $11.00. This area is likely to attract new buyers and serve as a jumping-off ground for another recovery.
On the upside, we will need to see a sustainable move above $13.00 for the upside to gain traction. This development will open up the way towards October 28 high at $13,45 followed by $14.00. The long-term bullish target is created by the upper line of the weekly Bollinger Band at $15.37.
NEO/USD, 1-day chart
Author
Tanya Abrosimova
Independent Analyst
