Neo Pulls Back, Momentum Still Strong

Neo has refused to conform to the ranging behavior upon which its other fellow altcoins have insisted. We have seen strong momentum all weekend after conquering some ambivalence around $137 at the end of last week. We have support from below at the central moving average of the KRI at $139, and are roughly in between that and the upper bound of the KRI at $174. This level will provide further resistance once we break current resistance levels at $160 or so, which coincides with a Fibonacci Fan level. Currently, we are clinging to support at $155, a Fibonacci level. The Momentum Indicators are very strong at this point indicating that, although we can expect a dip in Neo as it retraces when it enters wave 4, we can interpret this as a buying opportunity.

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