Tanya Abrosimova
Independent Analyst
- NEO is one of the biggest losers out top-20 coins.
- The technical correction may take the price to $10.00.
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
Note: All information on this page is subject to change. The use of this website constitutes acceptance of our user agreement. Please read our privacy policy and legal disclaimer. Opinions expressed at FXstreet.com are those of the individual authors and do not necessarily represent the opinion of FXstreet.com or its management. Risk Disclosure: Trading foreign exchange on margin carries a high level of risk, and may not be suitable for all investors. The high degree of leverage can work against you as well as for you. Before deciding to invest in foreign exchange you should carefully consider your investment objectives, level of experience, and risk appetite. The possibility exists that you could sustain a loss of some or all of your initial investment and therefore you should not invest money that you cannot afford to lose. You should be aware of all the risks associated with foreign exchange trading, and seek advice from an independent financial advisor if you have any doubts.
Recommended Content
Editors’ Picks
TRON gains 10% in 2024, supply of stablecoins reaches over $50 billion in Q1
TRON, a blockchain-based digital platform, has seen positive growth in the first quarter of 2024, as seen in a Messari report. TRON noted gains across several metrics like market capitalization, revenue and total value locked.
XRP hovers near $0.50 as Ripple CTO addresses concerns related to stablecoin launch
XRP is hovering near $0.53 on Friday, spending nearly all week below $0.55. Ripple CTO David Schwartz addressed concerns on stablecoin and XRP utility on Thursday.
Terraform Labs set to restrict access for users in the US after recent ruling in SEC lawsuit
Blockchain company Terraform Labs said Thursday that it will restrict access to some of its products and services for US-based users as it expects to receive a court order soon in light of its legal battle against the US Securities and Exchange Commission (SEC).
Bitcoin Weekly Forecast: BTC’s next breakout could propel it to $80,000 Premium
Bitcoin’s (BTC) recent price consolidation could be nearing its end as technical indicators and on-chain metrics suggest a potential upward breakout. However, this move would not be straightforward and could punish impatient investors.
Bitcoin: BTC’s next breakout could propel it to $80,000 Premium
Bitcoin’s (BTC) recent price consolidation could be nearing its end as technical indicators and on-chain metrics suggest a potential upward breakout. However, this move would not be straightforward and could punish impatient investors.