NEO price analysis: Momentum fading on the upside, bulls lack strength
- Lower highs, lower lows visible on intra day chart.
- Daily range narrowing, breakout of range nearing.
NEO, though still is positive on the day but has given up most of its gains already as bulls seem to be losing momentum even as other major cryptos too have come off their highs of the day.
NEO/USD was up around 1 percent at $47.62, but off the highs of the day recorded at $50.30, which has proven to be a stiff resistance to cross. Immediate support now stands around $47.37, its previous lower low of the day, which, if broken would confirm the pattern of lower lows and lower highs.
On the daily chart though, as reported over the weekend, NEO has some more pain left as the price is in the process of making a falling wedge, much like Ethereum, which should result in a rally in the prices. Though old highs of $198 are far off and won't be a cake walk for bulls to scale.
NEO/USD intra day 15-minute chart:
NEO/USD daily chart:
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.
