NEO (NEO)
Market Cap. $4.95B
Circulating Supply: 65M NEO
Max Supply: 100M NEO
Volume (24h) $144.05M
NEO/BTC decreased a little today and failed to resume the yesterday’s minor increase. Right now is premature to talk about the next move because is located between two crucial obstacles. It remains to see the breakout direction.
The crypto pair is trading at 0.008192 level after the failure to stabilize above the 0.009000 psychological level. Price has shown an overbought signal, but we still need a confirmation that the rate will turn to the upside and will reach new highs.
The NEO/BTC has found strong support at the 61.8% retracement level. It has retested it showing that the buyers could take the lead again in the short term. Price has managed to breakout from the descending pitchfork’s body and above the first warning line (WL1).
Unfortunately, the crypto pair failed to stabilize above the downside 50% Fibonacci line (ascending dotted line) and above the 50% Fibonacci level signaling a minor exhaustion.
The rate has tested and retested the broken warning line (WL1), and now he’s moving away. NEO/BTC could come down to retest the sliding line (SL) before will try another breakout above the 50% level and above the 50% Fibonacci line. A breakdown from the red ascending pitchfork’s body will confirm a further drop.
Conclusion
You could go long on this crypto pair after a valid breakout above the 50% Fibonacci line (ascending dotted line). The near-term target will be at the median line (ML), while the major upside target will be at the upper median line (UML) and the 0.015200 highest high.
©Forex.Academy
