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Crypto Technicals: NEO/USD holds strong trendline support, 'Doji' at lows dents downside

NEO/USD chart - Trading View 

Exchange - Bitfinex

Support: 9.80 (trendline); Resistance: 11.34 (61.8% Fib)

Technical Analysis: Bias Bearish

NEO/USD has paused downside at major trendline support at 9.80.

The pair is trading 2.13% higher on the day at 10.37 at 09:10 GMT.

Upside failed to break above 55W EMA and the pair has resumed grind lower.

Price action has slipped below 20W SMA and major support at 200-DMA (10.76).

Volatility is rising and break below 200-DMA likely to plummet prices. Next major support lies at 78.6% Fib at 8.75.

However, potential 'Doji' formation at lows raises scope for some upside. Gains till cloud base at 11.72 likely.

Technical studies support downside. Break below 9.80 (trendline support) will see test of 8.75 (78.6% Fib)

For details on FxWirePro's Currency Strength Index, visit http://www.fxwirepro.com/currencyindex
 

By Anupama Grandhi
  • Market Data
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