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.
Interested in the Altcoin Index and the Crypto Spread Indicator? Check them out here
For daily commentary on cryptocurrencies, subscribe to our newsletter