NEO Price Prediction: NEO/USD bears on the hunt for a breach of $30 mark again, as price forms a rising wedge pattern, subject to a break lower
|- NEO is nursing losses of over 3% on Tuesday, as the crypto market continues to remain weighted to the downside.
- A rising wedge pattern seen for NEO/USD on the 60-minute chart, with the bears eyeing another break of $30 mark.
The NEO price was seen down over 3% during trading on Tuesday, inline with a continued cooling in crypto prices seen across the board. Sentiment is still very much pointing to the downside, as the bears have a breather ahead of further potential selling.
NEO/USD has formed a rising wedge pattern, which could be subject to a bear break lower, should the textbook technical play out. The formation has been taking shape since the low produced on Sunday 24th June, which saw NEO at $28.62.
Technically, given the above-mentioned pattern development for NEO/USD, it does look attractive for the market bears to take advantage of. Near-term support is seen at the lower trend line of the wedge, tracking at $30.35, resistance at $32.03 100MA on the 1-hour chart and then $33.00 the upper part of the wedge.
NEO/USD 60-minute chart
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