Ken Chigbo
Independent Analyst
Bull flag pattern formation observed on the 1-hour time frame.
Investors anxiously await the Ontology Airdrop, due on 1st March.
NEO price is seen down marginally around 3% during trading on Wednesday, moving in lock-step with much of the crypto market. Slight cooling in prices has been seen across the board today, after a decent run of gains over the past couple of sessions.
There has been noteworthy outperformance for NEO, against some of the other major altcoins this week so far. Investors are looking forward to the planned Ontology Airdrop from the NEO Council, due to be executed on 1st March.
Technically, NEO/USD looks to be setting up a bull run, on the 1-hour time frame, it is evident to see a potentially bull flag pattern forming on the chart. The upper trend line of the flag is tracking currently at $135 containing the price for now, just above also sees the 50 DMA. In terms of support, this is seen at the bottom trend line and in proximity to the 100 DMA.
NEO/USD 1-hour chart
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