NEO testing 8-month resistance trend line | Technical Analysis by WhaleAgents | 8.28.2018

#NEO is finding itself in a similar situation to other coins as it is currently testing key resistance trend line . Given the importance of this trend line i.e. 5 touches on the daily chart in the time window of 8 months, the trend line can be regarded as the bull/bear line that will determine the direction of the price action in the next weeks/months. Another failure to break and trade above the trend line would facilitate more bearishness for the coin and potentially new 9-month low. On the other hand, the price action is suggesting a break may be on the table as the coin trades closely to the trend line , without making any bigger moves to the downside. Usually, this pattern of trading suggests a break is coming as the bears are getting tired. A potential break will clear stops placed above the trend line while any close on the daily basis above the trend line will bring more joy to the bulls. A move to, at least, 38.2% Fibonacci zone is on the cards, while the zone of 50% - 61.8% coupled with the horizontal resistance will likely attract a lot of interest from the sellers' point of view.

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