Key Highlights
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NEO rallied 9.03% on Tuesday, reversing Monday’s 9.74% slide to end the day at $52.15.
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An early morning intraday low and new swing lo $47.45 held above the day’s first major support level at $45.81 before a market wide rally kicked in.
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NEO moved through the day’s first major resistance level at $51.31 to an intraday high $53.7 before easing, falling well short of the 23.6% FIB Retracement Level of $58.59.
NEO Price Support
NEO rallied 9.03% on Tuesday, reversing Monday’s 9.74% slide, to end the day at $52.15.
Sentiment through the early part of the day remained mixed, with the Monday sell-off spilling into the early hours Tuesday, leading NEO through to an intraday low and new swing lo $47.45 before the crypto news wires delivered much needed support.
The morning’s low managed to hold above the day’s first major support level at $45.81, before news hit the wires that the South Korean ban on initial coin offerings would be lifted.
NEO rallied through the day’s first major resistance level at $51.31 to an intraday high $53.7 before easing back to $52 levels, with the day’s high falling short of the 23.6% FIB Retracement Level of $58.59 to leaving the extended bearish trend intact.
At the time of writing, NEO was up 1.08% to $52.8, having recovered from a start of a day dip to a morning low $51.86 that held well above the day’s first major support level at $48.5.
Holding on to $150 levels through the early hours supported a run through to a morning high $53.51 before easing back, while NEO fell short of the day’s first major resistance level at $54.75 and, more importantly, the 23.6% FIB Retracement Level of $58.59.
For the day ahead, a bounce back through to the morning’s $53.51 high would support a run at $54 levels to bring the day’s first major resistance level into play, though for NEO to take a run at the 23.6% FIB Retracement Level of $58.59, sentiment across the broader market will need to remain bullish through the day. The relatively range bound start to the day is supportive of another move through the afternoon, though the news wires will need to be free of any negative news through the day.
Failing to move back through to $53 levels could see NEO reverse the morning’s gains and test sub-$50 support levels, with the day’s first major support level at $48.5 likely to be in play in the event of a reversal.
While the bearish trend remains intact this morning, another rally would certainly draw in investors and raise hopes of a bearish trend reversal, with NEO having lost a lot of ground from the start of the bearish trend at 30th April’s swing hi $94.65.