Over the last few days the price of NEO has varied by only a few percent. At the moment, bitcoin is trading at $ 19.
The General situation looks like this:
- coin found support at the .618 Fibonacci level;
- resistance levels: of 19.43, 20,81, for 22.02, and of 23.96 25.11 dollar;
- the next support levels: of 18.05, 16,10, and of 14.93 13.60 USD.
Correction of 2018 was the cause of the fall of the NEO 88 percent. Now capitalization of bitcoin has dropped to $ 1.25 billion. A detailed analysis of the graphs in NEO conducted in Coingape.
Is it worth buying a NEO
In the short term, NEO has managed to form local uptrend after August 14, the coin rose from 13.6 to 25.77 dollar in just over a fortnight. After a small pullback it dropped to $ 19. The uptrend ended on 1.414 Fibonacci level that price could not overcome.
After rollback, the NEO fell to the support in the area of 16,10 dollar and continued rally up. The coin is now trading at $ 19. While the picture on 4-hour chart looks positive for the bulls. If the stock market continues to rise, altcoins will definitely retracement to the nearest resistance levels.
That downtrend remained in force, the bears need to push the asset price is below 15 dollars. Then you can expect a bounce from support near 8.5 per dollar.
For the full start of the new bullrun NEO needs to gain a foothold above $ 30. While talking about the beginning of the season aitkenov before, it depends on the price movement of Bitcoin. The main cryptocurrency continues to be under accumulation, which can last until the final decision of the SEC on the approval of the cryptocurrency ETF.
However, some coins (Ripple, Stellar and Cardano) gradually out of the downtrend and roll to new levels of resistance. Recommend to gradually buy the top altcoins with a close stop loss.
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