NEO price analysis: NEO/USD hovers below critical $12.00

NEO stays range-bound during early Asian hours.
The technical recovery is capped by the resistance $12.00.

Tanya Abrosimova Independent Analyst

NEO has recovered from the intraday low of $11.66 to trade at $11.74 at the time of writing. However, the coin is still 1.2% lower both on a day-on-day basis and since the beginning of Friday.

The coin with the current market capitalization of $863 million now takes the 17th place in the global cryptocurrency rating.

NEO's technical picture

Looking technically, NEO/USD has settled above the short-term support area created by a confluence of SMA50 (Simple Moving Average) 1-hour and the middle line of 1-hour Bollinger Band on approach to $11.60. Once it is out of the way, the sell-off may gain traction with the next focus on $11.40 (SMA100 1-hour and the lower line of 1-hour Bollinger Band). The next strong barrier comes at a psychological $11.00 strengthened by SMA200 daily.

On the upside, a sustainable move above $11.90 (the upper line of 1-hour Bollinger Band) and psychological $12.00 is needed to mitigate the selling pressure and allow for an extended recovery towards $12.40 (the highest level since July 27 and the previous recovery high).

From a longer-term perspective, NEO/USD continues moving within a triangle pattern with the strong support around $10.30-$10.00 area (the lower line of 1-day Bollinger Band)