Ken Chigbo
Independent Analyst
- NEO was a firm outperformer once again on Wednesday, with gains seen of 10%.
- A bull flag was broken to the upside for NEO/USD, following a pennant breakout seen on Tuesday.
The NEO price was seen holding strong gains of around 10% in the latter stages of the session on Wednesday. NEO once again firmly outperforming the rest of its peers, outpacing the other major altcoins.
NEO/USD has made a decent breakout to the upside on Tuesday, after the price managed to clear a pennant pattern that had formed. A brief amount of consolidation was seen early on Wednesday, which saw the bull flag form, to then be broken to the upside.
Technically, given the recent pattern formations and breaks, momentum looks to be within the bulls favour for now. The bulls will be eyeing a move back above $40 territory, the price has not been there since 19th June. Support in the near-term is seen at $38.41, above the broken bull flag, with the 50MA seen at $37.71 and then 100MA at $37.35, via the 30-minute chart view.
NEO/USD 30-minute chart
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