NEO technical analysis: Set up favors bears, a test of 12.50 support on the cards


  • NEO is one of the weakest across the crypto space on Sunday, down 8% over 24 hours.
  • Technical setup turns in favor of bears, as charts across different time frames display bearish patterns

NEO (NEO/USD), emerges one of the biggest losers among the top 20 digital currencies traded, losing 8+ percent over the last 24 hours. The bulls failed to benefit from the recent strategic step adopted by NEO of investing in Travala.com. Markets opined that the strategic step could boost the current market performance of the coin and accelerate it towards reaching $20 faster. 

NEO/USD 15-minutes chart

  • Sellers in complete control, a break below 13.44 horizontal support will confirm inverted cup and handle formation.
  • Downside targets are aligned at 13.00 and 12.50 levels.
  • Bulls could test the offers 13.64 (10-DMA) and 13.76 (2-DMA).

NEO/USD daily chart

  • A potential rounding top formation is spotted on the daily sticks.
  • The pattern will get confirmed once the prices close below the 13.25 figure.
  • A breach of the last could accentuate the downside, leading to a test of 12.63 (pattern target) over the next month.

Levels to watch

NEO/USD

Overview
Today last price 13.558
Today Daily Change -0.50800
Today Daily Change % -3.61
Today daily open 14.066
 
Trends
Daily SMA20 16.43665
Daily SMA50 13.92027
Daily SMA100 12.30564
Daily SMA200 10.2703
Levels
Previous Daily High 15.33
Previous Daily Low 13.2
Previous Weekly High 17.993
Previous Weekly Low 14.2
Previous Monthly High 20.849
Previous Monthly Low 11
Daily Fibonacci 38.2% 14.01366
Daily Fibonacci 61.8% 14.51634
Daily Pivot Point S1 13.06733
Daily Pivot Point S2 12.06867
Daily Pivot Point S3 10.93733
Daily Pivot Point R1 15.19733
Daily Pivot Point R2 16.32867
Daily Pivot Point R3 17.32733

 

 

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