- NEO formed a new 2019 high at $20.84 before the bears took over control on Thursday.
- The current recovery has legs at the 38.2% Fibonacci retracement level with the major support at $16.00.
NEO found support at $16.00 following the acute selling pressure cryptocurrencies had to endure yesterday. NEO navigated the sea of red immediately after breaking above $20.00 hurdle. A new 2019 high was formed at $20.84 before the bears took over control.
The current recovery has legs at the 38.2% Fibonacci retracement level between the last swing high at $20.84 and a swing low of $13.32. NEO/USD is exchanging hands at 18.00 following a 5% increase on the day. The upside immediately limited by the trendline resistance in addition to the resistance from both the 50 Simple Moving Average (SMA) and the 100 SMA1-h.
A correction above the trendline could be the boost NEO needs to jump above $20.00 once again. Meanwhile, the recovery is supported various technical levels including the Relative Strength Index (RSI) at 56 after touching the 30 level on Thursday. The Moving Average Convergence Divergence (MACD) is almost crossing above into the positive region amid the rising bullish momentum. Clearly, NEO is back in the bullish phase and the path of least resistance is upwards sideways ahead of the weekend trading.
NEO/USD 1-h chart
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