Tanya Abrosimova
Independent Analyst
- NEO is again the best-performing altcoin out of top-20.
- The critical support is created by $15.00 handle.
NEO, the 18th largest coin with the current market value of $1.2 billion, has resumed growth after a short-lived downside correction. NEO has gained nearly 6% of its value in recent 24 hours and stayed mostly unchanged since the beginning of Tuesday. NEO/USD is changing hands at $17.90.
NEO's technical picture
On the intraday charts, NEO/USD is locked in a tight range limited by $17.50 (Simple Moving Average, SMA50 and the lower line of Bollinger Band on 1-hour chart) and $18.00 (the upper boundary of the above-said Bollinger Band). A sustainable move below the channel support will open up the way towards the next bearish aim of $16.30 (SMA100, 1-hour) closely followed by $16.16 (Monday's low). Critical support lies with psychological $15.00 strengthened by SMA200 1-hour.
On the upside, we will need to see a strong move above $18.00 for the upside to gain traction with the next aim at $19.00 and $19.80 (the recent high reached on June 22). Ultimate resistance awaits is at $20.00.
NEO/USD, 1-hour chart
Note: All information on this page is subject to change. The use of this website constitutes acceptance of our user agreement. Please read our privacy policy and legal disclaimer. Opinions expressed at FXstreet.com are those of the individual authors and do not necessarily represent the opinion of FXstreet.com or its management. Risk Disclosure: Trading foreign exchange on margin carries a high level of risk, and may not be suitable for all investors. The high degree of leverage can work against you as well as for you. Before deciding to invest in foreign exchange you should carefully consider your investment objectives, level of experience, and risk appetite. The possibility exists that you could sustain a loss of some or all of your initial investment and therefore you should not invest money that you cannot afford to lose. You should be aware of all the risks associated with foreign exchange trading, and seek advice from an independent financial advisor if you have any doubts.
Recommended Content
Editors’ Picks
TRON gains 10% in 2024, supply of stablecoins reaches over $50 billion in Q1
TRON, a blockchain-based digital platform, has seen positive growth in the first quarter of 2024, as seen in a Messari report. TRON noted gains across several metrics like market capitalization, revenue and total value locked.
XRP hovers near $0.50 as Ripple CTO addresses concerns related to stablecoin launch
XRP is hovering near $0.53 on Friday, spending nearly all week below $0.55. Ripple CTO David Schwartz addressed concerns on stablecoin and XRP utility on Thursday.
Terraform Labs set to restrict access for users in the US after recent ruling in SEC lawsuit
Blockchain company Terraform Labs said Thursday that it will restrict access to some of its products and services for US-based users as it expects to receive a court order soon in light of its legal battle against the US Securities and Exchange Commission (SEC).
Bitcoin Weekly Forecast: BTC’s next breakout could propel it to $80,000 Premium
Bitcoin’s (BTC) recent price consolidation could be nearing its end as technical indicators and on-chain metrics suggest a potential upward breakout. However, this move would not be straightforward and could punish impatient investors.
Bitcoin: BTC’s next breakout could propel it to $80,000 Premium
Bitcoin’s (BTC) recent price consolidation could be nearing its end as technical indicators and on-chain metrics suggest a potential upward breakout. However, this move would not be straightforward and could punish impatient investors.