NEO moves within the downside channel in sync with the market.

Swisscom Blockchain launches SeraphID launched on NEO blockchain.

NEO has recovered from the intraday low of $10.80 to trade at $11.60 at the time of writing. The 15th largest digital asset with the current market capitalization of $793 million has stayed mostly unchanged on a day-on-day basis and gained nearly 2% since the beginning of Wednesday. NEO topped at $13.94 on July 20 and has been moving down ever since.

What’s going on

Swisscom Blockchain has announced a launch of the first part of SeraphID, a self-sovereign protocol built on NEO. Users and developers are welcomed to explore it while the team is working on additional features and functionality.

“We’ve got big news, everyone! #NEO is delighted to launch the first part of SeraphID with Swisscom Blockchain as we build towards a more decentralized identity network!” NEO team announced on its Twitter account.

NEO’s technical picture

Looking technically, a sustainable move above $11.65 (SMA50 (Simple Moving Average) 1-hour) is needed to mitigate the selling pressure and allow for an extended recovery towards $12.00 (strengthened by SMA200 1-hour). The next barrier is created by SMA100 on the 1-hour chart on approach to $12.40.

On the downside, the initial support is created by the middle line of 1-hour Bollinger Band at $11.20. Once below, the sell-off may continue towards $10.70 (the lower line of 1-hour Bollinger Band) and psychological $10.00.

NEO/USD, 1-hour chart

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