NEO price analysis: Triangle breakout loses steam
|- NEO bulls draw a line in the sand stopping declines below $8.5.
- NEO breaks out of tringle resistance but it’s still range-bound.
NEO like many other assets in the cryptocurrency market has been licking the wounds following the paralyzing declines since last week. Last year, at a time like this, the market had begun preparing for what was known as the crypto parabolic move. The market capitalization has continued to shrink, similarly, NEO has been locked below a bear trend since the year started.
After the storm on Monday and Tuesday this week, NEO drew the line in the sand at $8.5 hence stopping further breakdown. Attempts to recover were also limited by the descending trendline (part of the triangle). A breakout from the triangle resistance gave the price a boost above the moving averages, although the steam fizzled out on touching $9.5. NEO is also range bound between the upper limit at $9.5 and the range support at $8.5.
Initial resistance is highlighted by both the 50 SMA and the 100 SMA (15-minutes). Bulls are defending $9 short-term support while the price is making headway above $9.22. A correction above the range resistance will see NEO form trajectory towards $10.00. Bear pressure in the market is stifling the recovery with the stochastic almost hitting the oversold.
NEO/USD 15-minutes
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