NEO Technical Analysis – Hits Support Levels – 19/11/18NEO hit by a broad based cryptomarket sell-off, with support levels providing very little on the way down, sub-$11 levels being eyed by the bears.
- NEO rose by 0.79% on Sunday, following a 2.18% slide on Saturday, to end the week down 22.11% at $12.68.
- The start of the day saw NEO rally to an intraday high $12.84 before easing back, the day’s first major resistance level at $12.82 pinning NEO back.
- A late morning intraday low $12.48 steered clear of the first major support level at $12.41.
- The week’s loss reaffirmed the extended bearish trend formed at the end of April’s swing hi $94.65.
NEO Price Resistance
NEO gained 0.79% on Sunday, partially reversing a 2.18% fall on Saturday, to end the day at $12.68, the net loss through the weekend leaving NEO down 22.11% for the week, Monday through Sunday.
A relatively bullish start to the day saw NEO move through to an early morning intraday high $12.84 to coming up against the first major resistance level at $12.82 before easing back, NEO failing to break out of some relatively tight ranges on the day as the markets looked to settle following the Bitcoin Cash hard fork induced volatility seen going into the weekend.
In the late afternoon, a second attempt at a breakout also came up short, with NEO only being able to match the intraday high $12.84 struck earlier in the day before pulling back to hold just above a late morning intraday low $12.48.
While NEO managed to hold above the day’s first major support level at $12.41, the week’s reversal reaffirmed the extended bearish trend formed at late April’s swing hi $94.65, with NEO continuing to fall well short of the 23.6% FIB Retracement Level of $31.67, NEO having also struck a new swing lo $12.24 on Thursday.
At the time of writing, NEO was down 7.02% to $11.79, with the morning reversals seeing NEO tumble from a start of a day morning high $12.68 to a morning low $11.75, NEO sliding through the day’s major support levels on the way.
For the day ahead, a move back through the third major support level at $11.95 to $12 levels would signal a possible recovery of the day’s losses, though NEO would need to make a move by late morning, with the negative sentiment gripping the broader market likely to keep NEO in the red through the day, damage limitation needed following last week’s heavy loss.
Failure to move back through to $12 levels could see NEO take a bigger hit later in the day, a pullback through to $11.5 levels raising the prospect of a material sell-off that could bring sub-$11 levels into play before any recovery, the fallout from last week’s Bitcoin Cash hard fork and negative bias doing the broader market few favors at the start of the week.
Looking at the Technical Indicators
Major Support Level: $12.49
Major Resistance Level: $112.85
Fib 23.6% Retracement Level: $31.67
Fib 38% Retracement Level: $43.72
Fib 62% Retracement Level: $63.17