NEO recovery cut short: Can the trendline support hold?
- Cryptocurrencies are unable to break above critical resistance levels.
- NEO bulls must defend the trendline support for a correction upwards in the short-term.
NEO is among the few cryptocurrencies still trading in the green today. The market is mostly painted red with assets not able to break above critical resistance zones. NEO, for instance, resumed the uptrend after finding support at $6.84 on Friday last week. The weekend secessions recorded considerable gains but the recovery was cut short at $7.40.
As remained stable above $420 million in the last seven days. There was a slight deep in the market cap from $118 million to $118 million yesterday. Currently, NEO has a market capitalization of $461 million and a 24-hour trading volume of about $114 million.
At the moment, NEO is exchanging hands at $7.14. This comes after the bulls failed to clear the resistance at the 61.8% Fib retracement level taken between the highs of $7.4 and the lows of $6.84. The price currently flirts with the 50% Fib level and a break above this level could test the trendline support. Besides, another supported has been established at the recent lows close to $6.84.
The bulls must defend the trendline support to be able to reverse the downtrend. However, a break above the above-mentioned 61.8% Fib level could see the crypto retest a higher resistance level at $7.4.
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Author
John Isige
FXStreet
John Isige is a seasoned cryptocurrency journalist and markets analyst committed to delivering high-quality, actionable insights tailored to traders, investors, and crypto enthusiasts. He enjoys deep dives into emerging Web3 tren
