- NEO breaks several resistance barriers to test $9.00, but bears take over the mantle.
- NEO is expected to seek refuge at the confluence formed by the 100 SMA and the 61.8% Fibo.
The crypto market has started warming up to the holiday festivities. However, the question is, are the cryptoassets fundamentally ready and able to sustain the gains throughout Christmas and towards the New Year?
NEO, for example, surged incredibly from lows around $7.79 to highs at $8.92, representing a 20% surge in less than 24 hours. Several resistance barriers were put in the rearview, including the 38.2% Fibo of the previous swing high at $7.92 to a swing low of $7.79 and $8.80.
The ongoing reversal could erase more of the accrued gains. However, the confluence formed by the 100 SMA and the 61.8% Fibo is the initial support. Other vital support areas include $8.4, the 38.2% Fibo and the recent low at $7.79.
Technically, the downtrend is likely to continue, especially if the RSI fails to change course upwards. Moreover, the 50 SMA is still below the 100 SMA, signaling the presence of the bears and the influence they still have over NEO.
NEO/USD 1-hour chart
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