Tanya Abrosimova
Independent Analyst
- NEO has entered a consolidation phase after strong movements at the beginning of the week.
- The critical resistance is created by $14.00 handle.
NEO has settled under $14.00 handle after a volatile start of the week. The17th largest altcoin with the current market capitalization of $978 million has gained about 1.3% since the beginning of Wednesday trading and stayed unchanged on a day-on-day basis. Despite the retreat from the recent high, the coin is still positive on a week-on-week basis, with over 12% of gains.
NEO's technical picture
Now that the price settled under $14,00, the initial support is created by a confluence of technical indicators on approach to $13.30 (the lower line of Bollinger Bands on 4-hour and 1-hour charts, SMA50 ( Simple Moving Average) on 4-hour chart, SMA200 on 1-hour chart). A sustainable move below this area will trigger new selling orders and push the price towards psychological $13.00. Once it is out of the way, the downside momentum may gain traction and take the price to $12.44 (SMA200, 4-hour).
On the upside, the strong resistance is created by psychological $14.00 with the middle line of Bollinger Band on 4-hour chart located right above this barrier. The next hurdle awaits NEO bulls on approach to $14.70. A cluster of technical indicators located around this level, includes the upper lines of 1-day and 4-hour Bollinger Bands, the recent high and SMA50 on 1-hour chart.
NEO/USD, 4-hour chart
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