NEO Price Analysis: NEO/USD breaks out of a bull flag, after a strong breakout from a pennant seen in the previous session
|- NEO was a firm outperformer once again on Wednesday, with gains seen of 10%.
- A bull flag was broken to the upside for NEO/USD, following a pennant breakout seen on Tuesday.
The NEO price was seen holding strong gains of around 10% in the latter stages of the session on Wednesday. NEO once again firmly outperforming the rest of its peers, outpacing the other major altcoins.
NEO/USD has made a decent breakout to the upside on Tuesday, after the price managed to clear a pennant pattern that had formed. A brief amount of consolidation was seen early on Wednesday, which saw the bull flag form, to then be broken to the upside.
Technically, given the recent pattern formations and breaks, momentum looks to be within the bulls favour for now. The bulls will be eyeing a move back above $40 territory, the price has not been there since 19th June. Support in the near-term is seen at $38.41, above the broken bull flag, with the 50MA seen at $37.71 and then 100MA at $37.35, via the 30-minute chart view.
NEO/USD 30-minute chart
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers.