NEO price analysis: NEO/USD sleeps in a range and dreams of $10.00
- NEO has been bogged down in a tight range.
- The upside momentum may take the price towards $10.00.
NEO, currently the 21th largest coin with the total market value of $533 million, has gained over 2% in recent 24 hours to trade at $7.5 at the time of writing. The coin has returned to the levels registered in the beginning of the year, though it is still over 50% down on an annual basis.
NEO/USD, the technical picture
Looking technically, NEO/USD has been trading in a tight range since September 25. The upper boundary of the range roughly coincides with the upper line of daily Bollinger Band at $7.80, while the lower border comes at $7.00. A sustainable move in either direction may create a strong momentum.
On the upside, the next resistance awaits us on approach to $8.40 (SMA50 (Simple Moving Average) on a daily chart). Once it is out of the way, the upside is likely to gain traction with the next focus on psychological $10.00 strengthened by SMA100 daily.
On the downside, a collapse below the lower boundary of the range will trigger strong sell-off with the next focus on $6.70, which is the lowest level since September 26.
NEO/USD, a daily chart
Author
Tanya Abrosimova
Independent Analyst
