NEO: Consolidation and trend resumption

NEO stuck in a triangle on med-term chart.
Break out of this triangle would result in trend resumption - bounce.

Manoj B Rawal Independent Analyst

NEO the crypto has found itself stuck in a triangle on the medium term chart - a sign of consolidation and resumption of earlier trend - bounce from the trough. Also the fact that prices are consolidating after heavy crash last few months, is a sign that bears are hibernating for now.

NEO/USD down more than 2 percent on day at $7.824, just a tad above day's low. On the 240-minute chart of this crypto, there is a visiblity of price consolidation and formation of triangle. Few more bars and the price may just get out of this consolidation zone.

Break out of this zone would lead to resumption of earlier trend - which was a bounce from the pits.

NEO/USD 240-minute chart:

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Author

Manoj B Rawal

Independent Analyst

Manoj B Rawal, financial markets professional with about 11 years of experience in writing, editing and advising on stocks, currencies and fixed income.

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