NEO Technical Analysis – Bullish Early

NEO Technical Analysis – Bullish Early – 23/04/18

Bob Mason

Updated Mon, Apr 23, 2018, 2:08 AM

Key Highlights

NEO slipped 1.62% on Sunday, following Saturday’s 5.92% fall, to end the weekend at $73.46, locking in a 3.92% gain for the week.
A late morning $77.52 fell short of the day’s first major resistance level of $79.29, with an intraday low $72.69 holding above the day’s first major support level of $70.00.
While lagging some of the front-runners through the weekend, holding above the 23.6% FIB Retracement Level of $71.33 continued to support the latest bull-run formed in early April.

NEO Price Resistance

NEO rallied through the early part of the day to an intraday high $77.52 on Sunday, falling short of the first major resistance level of $79.29, with a broader market reversal through the second half of the day seeing NEO pullback to an intraday low $72.69 late in the day.

The day’s low held above the first support level of $70 and 23.6% FIB Retracement Level of $71.33 to continue supporting the latest bull-run formed at the 6^th April’s swing lo $44.16.

At the time of writing, NEO was up 1.69% to $74.84, with the morning’s gains reversing Sunday’s moves, supported by improved sentiment at the start of the week, investors drawn in following declines across the broader market over the weekend.

A late sell-off on Sunday saw NEO pullback to open the day at $73.6, well above today’s first major support level of $71.59 and 23.6% FIB Retracement Level of $71.33, supporting the solid start to the week, NEO hitting a morning $75.2 high within the last hour.

For the day ahead, a move back through to $76.5 to test the first major resistance level of $76.42 would support a run at Saturday’s $77.52 high and reinforce the latest bull-run.

Any failure to break back through to $76 levels in the middle part of the day could see NEO reverse early gains to test the support at the first major resistance level and 23.6% FIB Retracement Level, with buyer appetite likely to be dictated by sentiment across the broader market and Bitcoin Cash’s direction through the middle of the day, any pullback in Bitcoin Cash likely to impact appetite across the cryptocurrencies.

While the near-term bull trend remains intact, sideways moves through the day will likely test investor sentiment, with solid returns across NEO’s peers an attractive alternative should NEO fail to deliver at the start of the week.