NEO price analysis: NEO/USD gives in the weekend gains, retreats below $17.00
- NEO has become the worst-performing cryptocurrency out of top-20.
- The critical support is created by $15.00 handle.
NEO, the 18th largest coin with the current market value of $1.17 billion, has been sliding since Sunday. The sell-off qualifies as a natural correction after a sharp growth to as high as $19.80 on Saturday. The coin the biggest loser of the day out of top-20 coins as it is changing hands at $16.64, down nearly 9% in recent 24 hours.
NEO's technical picture
Considering the steady growth during the weekend, the downside momentum looks natural. Speculators take profit or exit market. The first barrier on the way down comes at $15.70 with the middle line of 4-hour Bollinger Band located on approach. A sustainable move below this level will open up the way to the psychological support $15.00 followed by $14.60 (SMA50 - Simple Moving Average - on 4-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 awaits at psychological $17.00, it is followed by $17.80 (upper line of Bollinger Band on 1-hour chart) and the Sunday's high of $18.80. The next hurdle comes at the recent high of $19.80 and critical $20.00.
NEO/USD, 1-hour chart
Author
Tanya Abrosimova
Independent Analyst
