It's a positive start to the day for NEO. A breakthrough to $12.60 levels would signal a breakout later in the day.
NEO rose by 0.91% on Tuesday. Following on from a 3.25% gain on Monday, NEO ended the day at $12.15.
A bearish start to the day saw NEO fall to an early morning intraday low $11.69 before finding support. Steering well clear of the first major support level at $11.01, NEO rallied to a later afternoon intraday high $12.69 before easing back.
Falling short of the first major resistance level at $12.87, NEO fell back through the final hours, while managing to avoid a return to sub-$12.00 levels.
For the bulls, it’s another bullish start to the week, with NEO adding to last week’s 25.3% gain. In spite of the recent gains, however, a move back through to $14 levels would be needed for NEO to resume its run at $20 levels last seen back in September. NEO would need to break through to $40 levels to begin forming a near-term bullish trend.
At the time of writing, NEO was up by 1.12% to $12.28. A mixed start to the day saw NEO fall to a morning low $11.96 before finding support. Holding above the first major support level at $11.68, NEO struck a morning high $12.31.
NEO left the resistance levels untested early on.
A hold above $12.16 levels through the morning would support further upside later in the day. NEO would need support from the broader market, however, to take a run at the first major resistance level at $12.64.
In the event of a crypto rally, NEO could strike $12.80 levels before any pullback, with $13.00 levels likely to be out of reach on the day.
Failure to hold above $12.16 levels could see NEO hit reverse later in the day. A fall back through the morning low $11.96 would bring the first major support level at $11.68 into play.
Barring a broad-based crypto sell-off, NEO would likely steer clear of sub-$11.50 levels on the day, in the event of a reversal.
Major Support Level: $11.68
Major Resistance Level: $12.64
23.6% FIB Retracement Level: $27
38.2% FIB Retracement Level: $40
62% FIB Retracement Level: $61
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Thanks, Bob
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.