Today NEO has reached the $32 support level, which may be the turning point for the price. The support is confirmed by two Fibonacci retracement levels. First is the 127.2% retracement level of the Fibs applied to the last corrective wave up. Second is the 38.2% Fibs applied to the uptrend trendline breakout point.
Both of these Fibs levels are based on the same price, $32. This makes it a strong support which should result in a trend reversal if the support will be rejected. When/if the uptrend starts, NEO/USD could easily reach the $100 psychological resistance level, but if that resistance is broken, all-time new high could appear on the chart shortly afterwards.
But there is still the risk of the downtrend continuation, as no confirmation of the support rejection has been received at this point. Therefore, daily break and close below $32 should result in a downtrend continuation, and price could decline down to the $15 area.
Both of these Fibs levels are based on the same price, $32. This makes it a strong support which should result in a trend reversal if the support will be rejected. When/if the uptrend starts, NEO/USD could easily reach the $100 psychological resistance level, but if that resistance is broken, all-time new high could appear on the chart shortly afterwards.
But there is still the risk of the downtrend continuation, as no confirmation of the support rejection has been received at this point. Therefore, daily break and close below $32 should result in a downtrend continuation, and price could decline down to the $15 area.
Trade closed: target reached