NEO sees red early on. Avoiding $17.50 levels through the morning could see NEO bounce back, but support would need to come from the broader market.
NEO rallied by 6.17% on Monday. Reversing a 3.93% fall from Sunday with interest, NEO ended the day at $17.9.
A bearish start to the day saw NEO fall through the first major support level at $16.22 to an intraday low $16.16 before finding support.
Rallying through the morning, NEO struck a late morning intraday high $18.45 before easing back to sub-$18.00 levels.
The morning rally saw NEO break through the first major resistance level at $18.18. Range-bound through the 2nd half of the day, NEO failed to hold onto $18 levels, which proved to be the key resistance level of the day.
For the bulls, the bullish start to the week came off the back of a 20% rally in the week ending 23rd June.
The move back through to $18 levels would support for a run at $20 levels last seen back in September. NEO would need to break through to $40 levels, however, to begin forming a near-term bullish trend.
At the time of writing, NEO was down by 1.34% to $17.66. A choppy start to the day saw NEO rise to a morning high $18.15 before hitting reverse. Falling short of the first major resistance level at $18.85, NEO fell to a morning low $17.55 before finding support.
In spite of the pullback, NEO managed to steer clear of the first major support level at $16.56 early on.
A hold above $17.5 levels through the morning would support a return to $18.00 levels later in the day. NEO would need support from the broader market, however, to take a run at the first major resistance level at $18.85.
Barring a broad-based crypto rally, NEO would likely come up short of $18.00 levels on the day.
In the event of a crypto rally, Sunday’s high $18.86 would likely pin NEO back from a move through to $19.00 levels.
Failure to hold above $17.5 levels could see NEO test the first major support level at $16.56 before any recovery.
Barring a crypto meltdown, NEO would likely steer clear of sub-$16.00 support levels on the day.
Major Support Level: $16.56
Major Resistance Level: $18.85
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.