NEO strongly corrects the decline adding 3% on the day

  • NEO leads the market in recovery amid broad-based declines.
  • Technical levels are positive for NEO but correction above $10 is key for a continued reversal.

NEO is among the strongest daily gainers in a market that is strongly bearish. Cryptocurrencies suffered under acute selling pressure on Wednesday/Thursday. The real-time cryptocurrency rates table displays a bloody market accept or NEO and NEM both of which are in the green.

NEO lower low pattern continues to pull further from August high around $12.76. Besides, the drop under both the 50 Simple Moving Average (SMA) and the 100 SMA re-energized the bearish pressure pushing NEO between a rock and a hard place.

The lower leg price action extended under $10. $9.00 came out as a credible support which has given way for the recovery currently underway. NEO/USD is valued at $9.72 and supported by a building bullish momentum. Technical indicators point towards continued correction north. Resurfacing above $10 will revive the uptrend in the near-term.

NEO/USD 1-hour chart

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