NEO price update: NEO/USD trims gains below the descending trendline resistance
|- NEO lower high pattern continues to force NEO against key support areas.
- The path of the least resistance is sideways to allow for indicators to improve the technical picture.
The cryptocurrency market is mixed with red and green signals. This follows a lower correction led by Bitcoin on Monday. NEO is among the cryptocurrency assets struggling to make a correction from the dive. After opening the day’s trading at $8.62 the price hit a high of $8.75.
The one-hour chart for NEO/USD shows a continues lower high pattern below the trendline resistance. The short-term 50 simple moving average crossed below the long-term 100 SMA at $9.59 suggesting a lower consolidation for NEO. Besides, the gap between the two continues to expand as an indication of growing optimism among the bears.
The declines yesterday found support above $8.4. A staged recovery lost steam short of $8.5. meanwhile, the relative strength index has been unable to leave the oversold. In the near-term the oversold conditions are likely to force an upward correction. The traders can also watch the moving average convergence for a positive divergence likely to signal a reversal and the return of bullish pressure.
NEO/USD 60’ 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.