Neo has seen a small 1.40% price decline over the past 24 hours of trading. The cryptocurrency is currently exchanging hands at a price of $16.54 after experiencing a relatively stable 7 day period where price action only moved +1.49%. ‘
- Neo has dipped slightly under the $17 handle.
- The market is trading above support at the $16.10 handle.
- Support moving forward; $16.10, $16.00, $15.50, $15.00 $14.93, $14.00.
- Resistance moving forward; $18.05, $19.43, $20.81, $22.02, $23.96, $25.11, $26.77.
The cryptocurrency that has been dubbed ‘China’s Ethereum’ is currently ranked in 15th position in terms of overall market cap across the entire industry. It currently holds a total market cap value of $1.08 billion after seeing a 15% price decline over the past 30 trading days. The 25-month-old cryptocurrency has seen a further precipitous price decline totaling 51% over the past 90 trading days as it now trades at a value that is 89% lower than the all-time high price.
Let us continue to analyse price action for Neo over the short term against the US Dollar and highlight any potential support and resistance zones moving forward.
NEO/USD – SHORT TERM – 4HR CHART
Inspecting the market from the short term perspective above, we can see that Neo is still trading sideways within the previous trading range. We can see that the market had experienced a small bullish run when price action for NEO/USD started at a low of $13.60 on the 14th of August 2018 and extended to a high of $25.27 on the 4th of September 2018. This was a price increase totalling 82% from low to high in NEO/USD.
We can see that as the market reached the high it had met resistance at an upside 1.414 Fibonacci Extension level priced at $25.11 before rolling over and declining. It continued to fall until finding support at the short term .786 Fibonacci Retracement level priced at $16.10. We can see that the market had managed to stay above this level until early October 2018 when price action dipped beneath the support level momentarily.
The NEO/USD market is now trading around $16.81 as the traders within the market continue to battle to determine who will gain control of the next price movement.
If the bulls manage to regain control of the momentum within the market and push price action higher, they will meet immediate resistance at the .618 Fibonacci Retracement level priced at $18.05. If the bulls can continue further higher then more resistance can be expected at the .5 and .382 Fibonacci Retracement levels priced at $19.43 and $20.81 respectively.
If the bulls can continue to press market action even higher then more resistance will be expected at the 1.414 Fibonacci Extension level priced at $25.11 followed by the 1.618 Fibonacci Extension level priced at $26.77.
Alternatively, if the bears manage to regain control of the momentum within the market we can expect immediate support below at the .786 and .886 Fibonacci Retracement levels priced at $16.10 and $14.93 respectively.