NEO Price Analysis: Neo Rebounds From Short-Term .618 Fib; Will Bulls Push Price Back Above $20?

NEO has seen a small +2.24% price increase over the past 24 hours of trading. The cryptocurrency is currently exchanging hands at a price of $19.16 after suffering a 30-day price decline of 4.74%.

Key Highlights:

• NEO had experienced at 83% price increase between August 14th and September 4th.
• The market has rolled over and has found support at the .618 Fibonacci Retracement level
• Resistance levels moving forward; $19.43, $20.81, $22.02, $23.96, $25.11
• Support levels moving forward; $18.05, $16.10, $14.93, $13.60

NEO is currently ranked in at 14th position in terms of overall market cap value across the entire industry. It’s has a total market cap value of $1.25 billion after the 25-month-old cryptocurrency suffers a further 37% decline over the past 90 trading days. NEO is currently trading at a value that is 88% lower than its all-time high price.

Let us continue to analyse Neo over the short term and highlight any potential support and resistance areas.

NEO Price Analysis

NEO/USD – SHORT TERM – 4HR CHART

Analysing the market from the short term perspective above, we can see that Neo had experienced a bullish run as the market action started from a low of $13.60 on the 14th of August 2018 and extended to a high price of $25.77 on the 4th of September 2018. This was a total price increase of 83% from low to high.

We can see that as price action rallied during this bull run, it met resistance at an upside 1.414 Fibonacci Extension level (drawn in blue) priced at $25.11. We can see that as the market approached this level it was rejected and rolled over.

After rolling over we can see that price action declined rapidly. It continued to decline until finding support at the short term .786 Fibonacci Retracement level priced at $16.10. This Fibonacci Retracement is measured from the entire bullish run outline above.

As price action approached this level of support at $16.10 then momentum from the bears faded as the bulls took over causing the market to reverse. NEO Price has now rallied from this support level and continued to rally until finding resistance at the .382 Fibonacci Retracement level priced at $20.81. Price action is now trading below $20 at $19 underneath the .5 Fibonacci Retracement.

Moving forward, if the bears continue with their negative pressure and push price action lower, we can expect immediate support at the short term .618 Fibonacci Retracement level priced at $8.05. Further support located below this level can be found at the .786 Fibonacci Retracement level priced at $16.10. This price area has provided significant support recently and is therefore expected to be significant.

If the bears can continue to push price cation further lower then more support can be found at the .886 Fibonacci Retracement level priced at $14.93 followed by the $13.60 low.

Alternatively, if the bulls can push price action above the resistance at the .5 Fibonacci Retracement level then further resistance higher can be expected at the .382 Fibonacci Retracement level priced at $20.81. If the bulls can persist even higher then more resistance above can be located at the 1.272 and 1.414 Fibonacci Extension levels priced at $23.96 and $29.11, respectively.