RATE Group | NEO Price Analysis: Rising Wedge Pullback
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NEO Price Analysis: Rising Wedge Pullback

30 Aug NEO Price Analysis: Rising Wedge Pullback

Posted at 05:12h in Ethereum News by

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NEO is slowly creeping higher inside a rising wedge formation visible on the 1-hour time frame. Price just bounced off the resistance and might be due for a test of support soon.

Applying the Fibonacci retracement tool on the latest swing low and high shows that the 61.8% level lines up with the wedge support. This is also around the 200 SMA dynamic inflection point, which adds to its strength as a floor.

On the subject of moving averages, the 100 SMA is safely above the longer-term 200 SMA to confirm that the path of least resistance is to the upside. In other words, support is more likely to hold than to break around $19.

Price is currently testing the 50% Fib which is just slightly above the 100 SMA dynamic inflection point, which might already be enough to keep losses at bay. However, RSI has room to slide before hitting oversold levels, so sellers could stay in control for a bit longer.

Stochastic was already on the move up to reflect bullish momentum but changed its mind halfway…

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