NEO Technical Analysis: A test of 200-HMA likely on NEO’s road to recovery


  • NEO/USD remains trapped between 50 and 200-HMA.
  • Hourly RSI has ticked higher above the midline.
  • 200-HMA is likely to be tested in the near-term.

NEO (NEO/USD) witnessed good two-way businesses on Friday, having finally settled in the red after fading a spike above the $23 mark.

 So far this Saturday’s trading, the buyers have regained control, allowing a tepid bounce in the spot. At the time of writing the No. 19 coin rises 2.4% to $21.82.

Looking at it technically on the hourly chart, the price is trending upwards after bottoming out last Tuesday at $18.60, carving out a potential rising channel formation. Meanwhile, the sellers continue to lurk above $23, leaving the rates in a familiar range.

The NEO bulls have managed to defend the 50-hourly Simple Moving Average (HMA) at $21.60 on Saturday, despite the overnight drop to near the $21 region.

Over the last hour, the spot caught a fresh bid-wave and recaptured the 21-HMA, now at $21.61, opening doors towards the horizontal 200-HMA resistance at $22.30.

A sustained break above the latter is needed to take on the $23 barrier once again.

Alternatively, a rejection at the 200-HMA hurdle could reinforce the bearish bias, as the critical support at $21.60 could be put at risk. That level is the confluence of the 21 and 50-HMAs.

Further down, the rising trendline support at $21.41 will be challenged. Acceptance below which would validate a rising channel formation, with the next downside target seen at the horizontal 100-HMA at $20.83.

To conclude, the spot is set to extend the bounce to 200-HMA, with the uptick in the hourly Relative Strength Index (RSI), currently at 53.90, also backing the upside potential in the near-term.

NEO/USD: Hourly chart

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NEO/USD: Additional levels to consider

NEO/USD

Overview
Today last price 21.85
Today Daily Change 0.51200
Today Daily Change % 2.40
Today daily open 21.339
 
Trends
Daily SMA20 20.7223
Daily SMA50 18.45088
Daily SMA100 14.71404
Daily SMA200 11.76047
 
Levels
Previous Daily High 23.2
Previous Daily Low 20.863
Previous Weekly High 25.604
Previous Weekly Low 18.605
Previous Monthly High 22.871
Previous Monthly Low 11.454
Daily Fibonacci 38.2% 21.75573
Daily Fibonacci 61.8% 22.30727
Daily Pivot Point S1 20.40133
Daily Pivot Point S2 19.46367
Daily Pivot Point S3 18.06433
Daily Pivot Point R1 22.73833
Daily Pivot Point R2 24.13767
Daily Pivot Point R3 25.07533

 

 

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