NEO Technical Analysis – Resistance Levels in Play – 22/05/19

It’s a positive start to the day for NEO. A breakthrough to $12.60 levels would signal a breakout later in the day.
Bob Mason
Bitcoin, Ethereum, Litecoin Digital cryptocurrencys on a notebook

Key Highlights

  • NEO rose by 0.91% on Tuesday. Following on from a 3.25% gain on Monday, NEO ended the day at $12.15.
  • An early morning intraday low $11.69 saw NEO hold above the first major support level at $11.01 before finding support.
  • A late afternoon intraday high $12.65 saw NEO fall short of the first major resistance level at $12.87 before easing back.
  • 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.

How to Buy NEO

NEO Price Resistance

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.

For the day ahead

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.

Looking at the Technical Indicators

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

Please let us know what you think in the comments below

Thanks, Bob

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