NEO like the rest of the market has had an amazing start to the week. It opened the day at $17.35 along the 100-day moving average, a level that has offered major support all through the day. This has drawn in bulls into the market, and seen the price rise all through the day, pushing through key resistance at $17.84 along the 200-day moving average, a level that is now acting as support. This makes NEO (NEO) strongly bullish, and with the heavy buying volumes in this market at this moment, it could make further gains in coming hours.
For someone looking to go long on NEO (NEO) it is best to wait for either of the following two scenarios to play out. The first one is a retracement back to the 200-day moving average at 17.83 – 17.96. The second one is for it to break above $18.58, which has been a key reversal point in the recent past. The whole idea is to avoid a huge draw down. For any trader looking to go short, the key level to watch is $17.85 along the 200-day moving average. If it breaks below this level and holds there for several hours, it would be a good signal to go short with a target of $17.51, which is a longer term support level on the 55-day moving average.
Ethereum Classic (ETC)
Ethereum Classic (ETC) opened the day along then 100-day moving average at $12.40 and has been trading along it all through the day. While it hasn’t made any significant gains in the day, it hasn’t broken below this level either, other than a few spikes. This goes to show that $12.40 is strong support and is like to hold strong. It is also facing some serious support along the 200-day moving average at $12.62.
For day traders, the key price levels to watch are $12.43 and $12.62. If Ethereum Classic (ETC) drops below $12.34, it would make sense to go short with a target of $12.10. On the other hand, if Ethereum Classic (ETC) rises above $12.62, the value of this crypto could rise to $13.02. It is the first resistance level in the day. If it doesn’t break outside of this price level, the value of this crypto will lag in this price level.
Stellar has had a relatively good day. It opened the day at $0.212 at the 100-day moving average and through the day has pushed above the 200-day moving average at $0.217, which is now acting as support. If Stellar (XLM) continues in this trajectory, then it could hit $0.224 in the day, which was the previous high in the day.
However, if this level fails to hold and it drops back to $0.215, then chances are that it could drop, and test $0.211 in the day. However, with the increased positive momentum in the whole market, a downside move is highly unlike in the next 24 hours.