NEO price analysis: NEO/USD loses ground amid massive crypto sell-off

NEO has recovered from the intraday low of $11.42 to trade at $11.60 at the time of writing. The 15th largest digital asset with the current market capitalization of $815 million has lost nearly 10% on a day-on-day basis and over 4% since the beginning of Tuesday. NEO topped at $13.94 on July 20 and has been sliding down ever since. The coin has lost over 17% of its value since that time.

NEO's technical picture

Looking technically, a sustainable move above $12.80 is needed to mitigate the downside pressure and allow for a retest of the recent high. This barrier is created by SMA100 (Simple Moving Average) on a daily chart and strengthened by SMA100 on the 1-hour chart. The next resistance is created by $14.00 with the resent high located on approach.

On the downside, the initial support is created by the lower line of 1-hour Bollinger Band at $11.40. This area stopped the sell-off during early Asian hours. Once it is out of the way, the downside is likely to gain traction with the next focus on $10.80 (SMA200, daily chart) and psychological $10.00. A sustainable move below this handle will push the price towards the lower line of -day Bollinger Band at $9.40.

NEO/USD, 1-hour chart