Key Highlights
- NEO gained 0.28% on Sunday, to end the weekend in the red after a 5.8% fall on Saturday.
- The bearish trend formed at Tuesday’s swing hi $79.93 remained intact through the weekend.
- Major support and resistance levels were untested on Sunday, with a late in the day sell-off leaving NEO flat for the day and deep in the red for the weekend, supporting a negative move at the start of the week.
NEO Price Support
NEO managed to avoid another heavy loss on Sunday, gaining 0.28% to end the day at $65.25. The first half of the day saw NEO pull back to an intraday low $63.2, which managed to avoid testing major support levels through the early part of the day. NEO managed to move through to an intraday high $67.5 in the final hours of the weekend, falling short of the day’s first major resistance level of $68.78 and 23.6% FIB Retracement Level of $68.22, as investors looked to lock in small gains ahead of the new week.
The bearish trend weighed heavily on NEO through the weekend, with NEO having fallen by 5.8% on Saturday, the declines in line with the broader market on the day.
While support levels may have been avoided, the bad news going into this morning was NEO’s failure to test major resistance levels on the day, affirming the bearish trend formed earlier in the week.
At the time of writing, NEO was down 3.82% to $62.58, with the bearish trend firmly intact at the start of the week, NEO falling through the day’s first major support level of $63.13 to an intraday low $62 before support kicked in in the past hour.
A start of the day intraday high $65.98 fell well short of the day’s first major resistance level of $67.43 and the day’s 23.6% FIB Retracement Level of $67.15, with appetite across the broader cryptomarket leading to NEO’s pullback this morning.
For the day ahead, a move back through this morning’s $65.98 high would support a run at $67 resistance levels, though there will need to be a material shift in sentiment through the middle part of the day to support a sustained rally, as the bears continue to pin back NEO, after the forming of the bearish trend at last Tuesday’s swing hi $79.93.
Failure to retrace to this morning high and take a run at the day’s first major resistance levels would continue to support the bearish trend and bring the day’s 2nd support level of $61.02 into play and how much further NEO can fall from there will likely be dictated by the broader market sentiment through the late afternoon.
Looking at the Technical Indicators
- Major Support Level: $63.13
- Major Resistance Level: $67.43
- Fib 23.6% Retracement Level: $67.15
- Fib 38% Retracement Level: $69.69
- Fib 62% Retracement Level: $73.54