NEO slipped 1.62% on Sunday, following Saturday’s 5.92% slide, to end the day at $73.46 to give NEO a 3.92% gain for the week, the weekend reversal eating into the gains made through the second half of the week’s market wide bull-run.
How to Buy NEO: The Complete Guide
NEO rallied through the early part of the day to an intraday high $77.52 on Sunday, falling short of the first major resistance level of $79.29, with a broader market reversal through the second half of the day seeing NEO pullback to an intraday low $72.69 late in the day.
The day’s low held above the first support level of $70 and 23.6% FIB Retracement Level of $71.33 to continue supporting the latest bull-run formed at the 6th April’s swing lo $44.16.
At the time of writing, NEO was up 1.69% to $74.84, with the morning’s gains reversing Sunday’s moves, supported by improved sentiment at the start of the week, investors drawn in following declines across the broader market over the weekend.
A late sell-off on Sunday saw NEO pullback to open the day at $73.6, well above today’s first major support level of $71.59 and 23.6% FIB Retracement Level of $71.33, supporting the solid start to the week, NEO hitting a morning $75.2 high within the last hour.
For the day ahead, a move back through to $76.5 to test the first major resistance level of $76.42 would support a run at Saturday’s $77.52 high and reinforce the latest bull-run.
Any failure to break back through to $76 levels in the middle part of the day could see NEO reverse early gains to test the support at the first major resistance level and 23.6% FIB Retracement Level, with buyer appetite likely to be dictated by sentiment across the broader market and Bitcoin Cash’s direction through the middle of the day, any pullback in Bitcoin Cash likely to impact appetite across the cryptocurrencies.
While the near-term bull trend remains intact, sideways moves through the day will likely test investor sentiment, with solid returns across NEO’s peers an attractive alternative should NEO fail to deliver at the start of the week.
With over 20 years of experience in the finance industry, Bob has been managing regional teams across Europe and Asia and focusing on analytics across both corporate and financial institutions. Currently he is covering developments relating to the financial markets, including currencies, commodities, alternative asset classes, and global equities.