- NEO/USD upside is capped by 50-DMA.
- Critical support is created by $30.00.
NEO, the 13th largest coin, is trading at $33.53 to press time, with the long-term downside bias. The coin is unchanged on a daily basis, but 4.5% higher since the beginning of Tuesday. NEO, also knows as "Chinese Ethereum" has a market value of $2.1B and an average trading daily volume at $95M.
NEO's technical picture
NEO/USD recovery of $34.10 proved to be short-lived as the coin is capped by 200-SMA (4-hour chart). Fresh selling interest located on approach to this level, pushed the price lower, mitigating positive momentum.
On a daily chart, NEO stays under 50-DMA, which effectively caps the upside since May 12 and creates a long-term sloping trendline. A sustainable movement higher is needed to break the bearish sentiment and bring $40.00 into focus. Once this area is cleared, the upside may be extended towards $44.27 (previous low of 2018).
On the downside, the support comes at $31.20 (Asian low). Once it is cleared, the downside may be extended towards the critical $30.00 and $27.00. That's where new buyers are likely to appear and trigger the recovery.
NEO/USD, 4-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
Prisma price tanks 25% after nearly $9 million exploit
Prisma Finance (PRISMA) is being exploited, and the attacker has so far pulled $9 million in Ethereum from the borrowing protocol. Prisma asked vault owners to take the necessary steps to protect funds from the ongoing attack in an official tweet on X.
Meme coins gain traction after SEC’s partial win in Coinbase lawsuit: DOGE, SHIB, BRETT, POPCAT, BODEN
US SEC pocketed a partial win in its lawsuit against Coinbase, ushering a correction in crypto prices on Thursday. Despite the broad pullback, prices of meme coins like Dogecoin, Shiba Inu and Solana-based BRETT, POPCAT and BODEN increased.
Ondo moves $95 million worth of OUSG assets to BUIDL as tokenized fund attracts $245 million since debut
Ondo Finance (ONDO) announced on Wednesday that it's shifting about $95 million worth of its OUSG's underlying assets to the BlackRock USD Institutional Digital Liquidity Fund (BUIDL).
XRP price stuck below $0.65 resistance, Ripple lawsuit could suffer from Coinbase defeat
XRP price falls slightly to $0.61 on Thursday after its landmark programmatic sales ruling in July, which gave Ripple a partial victory against the US SEC, failed to reverberate in a similar legal battle between the regulator and crypto exchange Coinbase.
Bitcoin: BTC may have recovered, but is it out of the woods?
Bitcoin’s (BTC) upward momentum has shown a significant decline for the past two weeks or so. This development led to a bearish signal on the weekly and an uncertain outlook on the monthly.