- 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
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility.