NEO Price Analysis – Leading the Bull Charge 06/12/18

A shaky start to the day draws in some in buyers to drive NEO, with the bulls targeting $8.00 levels. Holding onto $7.20 levels will be key
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Key Highlights

  • NEO tumbled by 8.58% on Wednesday, reversing Tuesday’s 4.06% gain, to end the day at $7.03.
  • Bearish throughout the day, NEO slid through the first major support level at $7.11 to an intraday low $6.88 before finding support.
  • A start of a day intraday high $7.69 came up well short of the first major resistance level at $8.23.
  • The extended bearish trend formed at the end of April’s swing hi $94.65 remained intact, with NEO continuing to fall well short of the 23.6% FIB Retracement Level of $28, following last week’s new swing lo $6.75.

NEO Price Support

NEO tumbled by 8.58% on Wednesday, reversing Tuesday’s 4.06% gain with interest, to end the day at $7.03.

A bearish start to the morning saw NEO fall to a morning low $7.17, coming within range of the day’s first major support level at $7.11 to move back through to $7.30 levels and a relatively range-bound middle part of the day.

Market forces ultimately took over later in the day, with a late afternoon broad-based cryptomarket sell-off pulling NEO through the first major support level at $7.11 to an intraday low $6.88 before recovering through the late part of the day to move back through to $7.00 levels.

It’s been a mixed start to the month, with NEO seeing just 2 days of gains against 3 days of losses, with the intraday swings narrowing from the heavy reversals seen through much of November, NEO sliding from an early November high $17.61 to sub-$7.00 levels on Wednesday.

The extended bearish trend, formed at late April’s swing high $94.65 remained firmly intact. The November reversal, late November swing lo $6.75 and a 12.9% loss for the current week to Wednesday’s ending $7.03 has inflicted plenty of pain on the NEO bulls.

At the time of writing, NEO was up 3.51% to $7.28. Moves through the early morning saw NEO slide to an early morning low $6.80, coming within range of the first major support level at $6.71 before bouncing back into positive territory.

With support kicking from a broad-based cryptomarket bounce, NEO moved through to a morning high $7.35, coming up short of the first major resistance level at $7.52 before easing back.

The Day Ahead

For the day ahead, a hold onto $7.20 levels through to the early afternoon would support a move back through the morning high $7.35 to bring the day’s first major resistance level at $7.52 back into play. A sustained broad-based crypto rally could give NEO a run the second major resistance level at $8.01 before any pullback.

Failure to hold onto $7.20 levels through the morning could see NEO hit reverse later in the day. A pullback through to sub-$7.00 levels will likely see NEO fall through the first major support level at $6.71 to bring the second major support level at $6.39 into play before any recovery.

NEO’s one of the front-runners early on and more upside could be on the way should the likes of Bitcoin see a pickup in investor appetite through the day.

Looking at the Technical Indicators

  • Major Support Level: $6.71
  • Major Resistance Level: $7.52
  • Fib 23.6% Retracement Level: $28
  • Fib 38% Retracement Level: $40
  • Fib 62% Retracement Level: $61

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