Price Analysis NEO: Rising Wedge Pullback


The NEO is slowly creeping higher up the inside of a growing formation of chocks visible in the 1 hour time frame. The price has just rebounded on the resistance and could be due to a short support test.

By applying the Fibonacci retracement tool to the last low and high oscillation, it is noted that the 61.8% level aligns with the wedge support. This is also around the 200 SMA dynamic inflection point, which adds to its strength as a floor.

In terms of moving averages, the 100 SMA is safe above the 200 long-term SMA to confirm that the path of least resistance is on the upside. In other words, support is more likely to spend than about $ 19.

The price is testing 50% of Fiber that is just above the dynamic deflection point of 100 SMA, which may already be sufficient to hold losses at bay. However, RSI has room to slip before reaching oversold levels, so sellers could keep control for a little longer.

Stochastic was already on the move to reflect a bullish momentum, but he changed his mind halfway and is recovering. The price may continue to follow the example until the oscillator reaches oversold levels and goes back to indicate a return to bullish pressure.

A breakout in either direction could lead to a rally or selloff of the same size as the graphic pattern, which extends from $ 14 to $ 22.

There is not much in terms of important catalysts for NEO itself since it seems that it is riding the same tendency as other cryptocurrencies. So far, risk taking has been present in the financial markets, although this seems to favor more stocks and commodities.

Trade volumes have been noticeably higher in recent days, though perhaps on some fund developments including asset encryption in their portfolios and Yahoo Finance which integrates some altcoins into their platform.

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