Monero Technical Analysis – Looking Test Resistance – 07/06/18

Key Highlights

• NEO fell by 1.63% on Wednesday, partially reversing Tuesday’s 2.38% gain, to end the day at $53.79.
• NEO hit an intraday high $54.77 in the middle part of the day, falling short of the day’s first major support level at $55.87 and the 23.6% FIB Retracement Level of $55.75 before an early afternoon sell-off.
• The afternoon sell-off saw NEO pullback from the 38.2% FIB Retracement Level of $55.75 to an intraday low $52.53 to call on support at the day’s first major support level of $52.57 before recovering.

How to Buy NEO

NEO Price Resistance

NEO slipped by 1.63% on Wednesday, partially reversing Tuesday’s 2.38% gain, to end the day at $53.79.

Moves through the early part of the day saw NEO pullback through the 38.2% FIB Retracement Level of $55.75 to a morning low $53.51 before recovering to an intraday high $54.77 that came up short of the day’s first major resistance level at $55.87 and more importantly the 23.6% FIB Retracement Level of $55.75.

An early afternoon broad based market sell-off saw NEO pullback through the 38.2% FIB Retracement Level of $55.75 to an intraday low $52.53, with NEO calling on support a the day’s first major support level at $52.57 before recovering to $53 levels by the day’s end.

For the bulls, NEO’s failure to move back through the 23.6% FIB Retracement Level and break through the day’s first major resistance level of $55.87 to bring the 3^rd June’s swing hi $58.31 into play will be an issue, the near-term bullish trend formed at late May’s swing lo $47.45 under pressure in the middle part of the week.

At the time of writing, NEO was up 0.08% to $53.83, with NEO easing back from an early morning $54.93 high, the day’s first major resistance level at $54.86 pinning NEO back from a move back through to $55 levels to support a continued near-term bullish trend.

A late morning reversal saw NEO pullback through the 38.2% FIB Retracement Level to a morning low $53.65 before moving back into positive territory, the morning low steering clear of the day’s first major support level of $52.62, with the 38.2% FIB Retracement level continuing to be a key level for NEO mid-week.

For the day ahead, a move through the morning’s high $54.93 would support a run at the 23.6% FIB Retracement Level of $55.75 to continue to support the near-term bullish trend, though the day’s second major resistance level at $55.94 likely to pin NEO back from any moves through to $56 levels through the day.

Failure to move through the morning’s $54.93 high to $55 levels would likely see NEO pullback through to the sub-$53 levels to bring the day’s first major support level at $52.62 into play before any recovery through to $53 levels, with NEO needing a broad based market rally to break out from the 23.6% FIB Retracement Level and cement the near-term bullish trend.

Looking at the Technical Indicators

Major Support Level: $52.62

Major Resistance Level: $54.86

Fib 23.6% Retracement Level: $55.75

Fib 38% Retracement Level: $54.16

Fib 62% Retracement Level: $51.6