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

NEO/USD has regained the losses of the previous trading day.
The short-term bullish target is created by a psychological $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

Share: Cryptos feed

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.