- NEO has been one of the worst-performing altcoins on Wednesday.
- The upside momentum has faded away and gave way to the downside correction.
NEO, now the 18th largest coin with the total market value of $736 million, topped at $13.45 on Monday and has been in retreat ever since. At the time of writing, NEO/USD is changing hands at $10.36, down 4.4% both on a day-to-day basis and since the beginning of Wednesday.
Due to the retreat, NEO is one of the worst-performing altcoins out of top-20 on Wednesday; however, its weekly gains are still impressive. The coin's value increased by 50% in recent seven days.
NEO/USD, the technical picture
Looking technically, the resistance created by a combination of SMA200 (Simple Moving Average) and the upper line of the Bollinger Band daily at $11.00 limits the recovery of thee coin. This is a strong barrier that needs to be taken out for the upside to gain traction with the next focus on October 28 high at $13.45.
On the downside, the local support is created by a psychological $10.00. A sustainable move below this barrier will increase thee downside pressure and push the price towards SMA100 daily at $9.20. The next support awaits NEO on approach to $8.00 (SMA50 daily and the middle line of daily Bollinger Band). If it is broken, the sell-off may continue towards psychological $7.00 and the lower line of the recent consolidation channel at $6.80.
NEO/USD, the daily chart
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.