NEO Price Analysis: NEO/USD recovers from Tuesday's low, targets at $18.00

NEO/USD is changing hands at $17.40. The coin has gained over 2.5% since the start of the day, though it is down 2.2% on a day-to-day basis. NEO now sits on the 20th place in the global cryptocurrency market rating with the market capitalization of $1.23 billion. NEO topped at $19.77 on August 21 and started the technical correction. Despite the retreat, the coin is still moving within a long-term bullish trend.

NEO/USD: The technical picture

NEO bottomed at $16.15 on Tuesday, August 25 and started a recovery. The coin managed to claw back half of the daily losses before the upside momentum started to fade away. On the intraday chart, the upside momentum is limited by the area $17.70-$18.00 that includes 1-hour SMA50 and SMA100 as well as the upper line of the 1-hour Bollinger Band. Once it is cleared, the recovery may be extended towards $19.00. The ultimate bullish goal is created by the recent high of $19.77 and psychological $20.00.

On the downside, the local support comes at $17.00. This technical barrier is created by the middle line of the 1-hour Bollinger Band. It separates the coin from a deeper decline to the above-mentioned Tuesday's low of $16.16 and psychological $16.00.  A sustainable move below this area will open up the way to the middle line of the daily Bollinger Band at $15.70 and the daily SMA50 at $13.50.

NEO/USD 1-hour chart