Key Highlights
- NEO fell by 0.34% on Wednesday. Partially reversing a 6.94% rally from Tuesday, NEO ended the day at $8.90.
- A start of a day intraday low $8.73 saw NEO hold above the first major support level at $8.4233 before finding support.
- A late morning intraday high $9.14 saw NEO come up short of the first major resistance level at $9.2833 before hitting reverse.
- The extended bearish trend formed at the end of April’s swing hi $94.65 remained firmly intact. NEO continued to fall well short of the 23.6% FIB Retracement Level of $27 following 7th December’s new swing lo $5.46.
NEO Price Support
NEO fell by 0.34% on Wednesday. Partially reversing a 6.94% rally from Tuesday, NEO ended the day at $8.90.
A bearish start to the day saw NEO fall to an early morning intraday low $8.73 before finding support. Steering clear of the first major support level at $8.4233, NEO rallied to a late morning intraday high $9.14.
NEO fell short of the first major resistance level at $9.2833 before easing back to sub-$9.00 levels and a relatively range-bound afternoon.
Mixed sentiment across the broader market pinned NEO back on the day, with NEO continuing to struggle to break out from $9.00 levels.
The extended bearish trend, formed at the end of April swing hi $94.65, remained intact following last week’s 3.3% slide. NEO continued to fall well short of the 23.6% FIB of $27 following 7th December’s swing lo $5.46.
At the time of writing, NEO was up by 1.53% to $9.04. A bullish start to the day saw NEO rise from a morning low $8.87 to a high $9.05. The early rally saw NEO steer clear of the first major support level at $8.71, whilst coming within range of the first major resistance level at $9.12.
For the day ahead
A hold onto $9.00 levels through the morning would support a breakthrough the first major resistance level at $9.12 before any pullback. Support from the broader market could see NEO rise to $9.20 levels before any pullback. We would expect NEO to come up short of $9.30 levels in the event of a breakout later in the day.
Failure to hold onto $9.00 levels could see NEO give up gains from the early hours. A fall through $8.92 levels could see NEO test the first major support level at $8.71 before any recovery. Barring a broad-based sell-off, we would expect NEO to hold well above the second major support level at $8.51. In the event of a crypto meltdown, NEO could return to Tuesday’s low $8.25 before any recovery.
Looking at the Technical Indicators
Major Support Level: $8.71
Major Resistance Level: $9.12
23.6% FIB Retracement Level: $27
38.2% FIB Retracement Level: $40
62% FIB Retracement Level: $61