NEO: Is this a much needed breakout?
- Short term falling wedge breakout appears to have formed.
- While long term descending trendline breakout is also here.
NEO the crypto seems to have all going in its favour if the breakouts which seem to have formed on the long as well as short term charts prove right. However, lack of volumes is something that may prove a misnomer.
NEO/USD is biggest loser of the day, down 2.3 percent at $7.209, at low point of the day and in less than 3 percent range. On the 240-minute chart there appears to be a falling wedge breakout, which if cotinues to rally a bit more than it could cross past January highs once again. Condition - it should be able to sustain past the Saturday high of $7.4089.
While that has happened, NEO has also broken out of a descending trendline resistance on the daily chart. In both the cases, however, after the breakout, there hasn't been enough follow through. Low volume of the weekend is also proving to be a disappointment. Bulls can only hope to have the volumes back in their favour on Monday, before this breakout is termed as a failure.
NEO/USD 240-minute chart:
NEO/USD daily 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.
