NEO Value Watch: How Low Can It Go? By okas Posted on May 16, 2018 May 16, 2018
NEO has been trending decrease since breaking beneath a rising development line and sophisticated double prime. Value has accomplished its retest of those areas of curiosity and is setting its sights on the subsequent assist zones.
The Fibonacci extension software reveals the place NEO would possibly head subsequent, with the 38.2% stage lining up with the swing low at $58. A break beneath this stage might take NEO right down to the 50% extension at $54.54 or the 61.eight% extension at $51. Stronger promoting strain might result in a transfer to the 78.6% extension at $46.17 or the total extension close to the $40 main psychological mark.
The 100 SMA has crossed beneath the longer-term 200 SMA to substantiate that the trail of least resistance is to the draw back. In different phrases, the selloff is extra more likely to resume than to reverse from right here. The 100 SMA additionally traces up with the latest pullback and will maintain as dynamic resistance in one other bounce. RELATED : Singapore Initiative Expedites Blockchain Patent Approval Course of
RSI is on the transfer down however is nearing oversold ranges to sign that a return in bullish strain is so as. Stochastic can also be heading south to sign that sellers are in management, however the oscillator can also be approaching oversold territory. NEO Chart from TradingView
NEO continues to make headway in its partnerships in China, appearing as a rival to ethereum and different altcoins. Nevertheless, it appears to have been hit by the latest wave of declines within the business as investor optimism has turned decrease.
Greenback demand has additionally dampened cryptocurrency positive aspects as revived expectations of fee hikes lifted bond yields. Though April retail gross sales dissatisfied, the parts revealed a pickup in value ranges and the March report loved upgrades. RELATED : Kvantor Introduces New Degree of Freedom for Financial Transactions
Wanting forward, sentiment would possibly stay the largest driving issue for NEO value motion to the greenback as there are not any main stories due from the US economic system subsequent. A return in optimism within the business might pave the best way for a robust bounce.