Key Highlights
- NEO tumbled 8.23% on Sunday, reversing Saturday’s 3.13% gain, to end the week down 19.5% at $31.11.
- An intraday high $34.27 in the early hours saw NEO come within reach of the first major resistance level at $34.96 before going into reverse.
- NEO’s slid through the day’s major support levels to an intraday low and new swing lo $28.6 before recovering to $31 levels by the day’s end.
NEO Price Resistance
NEO tumbled 8.23% on Sunday, more than reversing Saturday’s 3.13% gain, to end the week down 19.5% at $31.11.
Negative sentiment across the broader markets saw NEO slide through the day’s first major support level at $32.79 and second major support level at $31.6 to a morning low $30.00, the only bullish move through the morning being an attempted trend bucking run that saw NEO strike an intraday high $34.27 before joining the cryptomarket reversal.
The morning’s high came up short of the first major resistance level at $34.96, with NEO continuing to sit well below the 23.6% FIB Retracement Level of $46.89, supporting the extended bearish trend formed at the end of April’s swing hi $94.65.
An early afternoon sell-off saw NEO slide through the major support levels, with the third major support level providing much needed support the second time round, NEO recovering to $31 levels by the day’s end.
In spite of the recovery, failing to break back through the second major support level at $31.6 would have left investors taking a cautious stance through the early part of this morning.
At the time of writing, NEO was up 0.62% to $31.33 in what’s been a relatively range bound start to the day. An early pullback to a morning $30.54 low saw NEO hold well above the day’s first major support level at $28.38, supporting a move through to a morning $31.68 high before easing back.
For the day ahead, a move through the morning’s $31.68 high would support a run at $32 levels to bring the day’s first major resistance level at $34.05 into play later in the day, though for NEO to be knocking on key resistance levels today, the rally will need to be an aggressive one, breaking through to $32 levels key.
Failure to move through to $32 levels would likely see NEO pullback to sub-$30 levels that would bring the day’s first major support level at $28.38 into play, with sentiment across the broader market to then dictate whether NEO can recover to $30 levels by the day’s end or bring the second major support level at $25.66 into play.
While NEO’s sitting in positive territory at the time of writing, investors are unlikely to sit in the ranges for long and that could see NEO face a sell-off later in the day should NEO fail to make a move in the early afternoon.
Looking at the Technical Indicators
Major Support Level: $28.38
Major Resistance Level: $34.05
Fib 23.6% Retracement Level: $44.19
Fib 38% Retracement Level: $53.83
Fib 62% Retracement Level: $69.42