NEO is not having a good day but has had a fantastic last seven days. It’s lost 5% over the previous 24 hours whereas gained 20.9% in the last week. It’s only about USD 13 million away from jumping from being the 19th cryptocurrency by market capitalization to becoming the 18th, which would be something of a milestone for the project.
One-hour technical analysis
At the current price of $13.58, we are below the pivot point ($14.1) but well above the support levels. Also, since the trend is green right now (in the last hour), support is not in our minds but resistance. The first level is at 14,1564, so there’s plenty of room for the price to grow today, even after the dramatic gains it’s already had this week.
Today’s price has already been at USD 13.58, which is still below the first resistance level but higher than the current spot value.
The excellent news for hourly technical fans is that every possible indicator and average is signaling for buying. That’s eight technical indicators and 12 moving averages.
24-hour technical analysis
This scenario is not bullish as like the 24-hour one. Unlike the hourly technical, every possible signal is pointing at selling, but here there’s something else. NEO has already broken all the resistance levels in the seven-day analysis, and chances are it will keep going up as the hourly trend is in green now.
So right now, even though it stopped for a while in the last 12-hours, and there’s not much more to say as it could start to gain momentum anytime now, again. The daily technical is clear as day.
Monthly technical analysis
The monthly numbers are somewhat confusing. The scenario is bearish because every technical indicator is in the red zone. Most averages are signaling for selling too. At the same time, the price is rising, and above the first resistance level, which would generally be considered a buying sign. The monthly numbers belong to the bears.
The first resistance level is at 15,3771, which is well above the daily resistance. The interpretation would be that resistance won’t hamper the rise in price until it gets near 15,37, which means that the daily R1 level will be broken without too much trouble.
NEO is still quite far from its historic $58.25 historic high, but today it’s set to ride the recovery waves again, so it’s a good day to get involved in it.
Disclaimer: The presented information is subjected to market condition and may include the very own opinion of the author. Please do your ‘very own’ market research before making any investment in cryptocurrencies. Neither the writer nor the publication (TronWeekly.com) holds any responsibility for your financial loss.