NEO price analysis: NEO/USD gains 6% on a daily, but the upside has stalled for now

NEO/USD upside is capped by $40.00.
The trend is bullish as long as the coin stays above $37.40.

Tanya Abrosimova Independent Analyst

NEO, the 12th largest coin, is trading at $38.98 to press time, having gained over 6% on a daily basis amid global recovery on the cryptocurrency market. China's flagship coin has a market value of $2.5B with an average trading daily volume at $137M.

NEO's technical picture

NEO gained over 45% from the recent low at $27.03 registered on June 29, signaling a healthy recovery. The local bull's target comes at $40.00 (50-DMA). Once it is cleared, the upside may be extended towards $44.27 (April's low). On the downside, the support is seen at $32.00, which is the lower border of a recent range. It is followed by $30.00 and$27.00. On the intraday level, the picture looks bullish as long as the coin stays above $37.40. This support is created by 50-SMA (1-hour chart).

NEO/USD, the daily chart

Author

Tanya Abrosimova

Independent Analyst

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