- 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
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. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers.