NEO price analysis: NEO/USD poised for growth post this consolidation
|- NEO defended the major support last week preventing declines heading to the $15.00 range.
- The general trend is bullish but NEO buyers lack the momentum to push for gains beyond $18.00.
The market slow midway through the week. Last week was the sellers tightened their grip resulting in the market being painted red. NEO, however, did not sink as deep as other coins like Bitcoin (BTC) which dropped drastically and dramatically through the support areas at $6,400 and $6,200. Bitcoin defended the support at $6,000 after recording lows of $6,060. On the other hand, NEO maintained high levels embracing the support at $16.50, although it traded lows of $16.33.
Meanwhile, NEO corrected higher on Monday this week with the price testing the resistance at $18.00. Unfortunately, the snag gave the sellers a free passage and NEO/USD retreated towards the above-mentioned support. There was another retracement from the range support at $16.54 - $16.70 towards the close of the session yesterday. The bullish move stepped above the 23.6% Fib level with the last upswing of $17.30 and a downswing of $16.54. NEO formed a high of $17.30 today during the Asian trading hours.
At press time, the crypto has slashed some of the gains but still trading at higher levels. A subtle bear move broken the 38.2% Fib level. However, the 50SMA currently at $16.96 is providing immediate support at $16.97. NEO is currently facing resistance at the broken short-term support (38.2% Fibo), similarly, the upper supply zone at $17.30 is key to a correction above $18.00 and eventually $20.00.
Looking at the chart, NEO will find another support at the 100SMA (15-minutes chart). The support ranged discussed above is in line to offer support as well. The general trend on the chart is bullish but NEO buyers lack the momentum to face the hurdles to the upside.
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