Neo has fallen quite a bit but seems to have rejected the lower bound of the KRI
. Although it has been setback quite a bit, we still seem poised to rebound. The Kovach Momentum Indicators have dropped to reflect the weakness, but the OBV is somewhat bullish
, which is encouraging. If Neo breaks down further, we'll have support at $100, $95, and $92. The first major level from above is $110, which is an important psychological and technical level. It corresponds to a Fibonacci level and a Fibonacci Fan level. Next, we have $115, $118. Further, from above, we have $124, $126, $131, $134, and $138, before we can think about levels in the $140's. If weakness continues, we have a bullish crab cypher pattern
forming which could portend a breakout.
Interested in the Altcoin Index and the Crypto Spread Indicator? Check them out here
For daily commentary on cryptocurrencies, subscribe to our newsletter