Ken Chigbo
Independent Analyst
- NEO/USD is seen up over 3%, price rising within a wedge pattern.
- Supply zone looks strong ranging from $71-80, currently where the price is trading.
The NEO price is holding on to decent gains of some 3% on Monday, as it further builds on the strong bull run seen last week. Despite the steady push higher, there must be caution as the price trades within a known supply zone, which could subject NEO to a drop.
NEO/USD has been on a strong run higher since 11th April, gaining over 75%, after bouncing off an ascending trend line for support, this at the time was seen at $43. NEO has since pushed to highs above $80, levels that had not been seen since 20th March.
The price since bouncing off the strong supported trend line, with its behaviour has been forming a rising wedge pattern, which could be subject to a break lower. Separately, the price is currently trading within a strong touted supply zone, this ranges from $71-80. If the bulls manage to clear this, $140 could come back into the picture, not seen since the end of February. Support at the very moment is see around $71-72 the lower trend line of the wedge pattern.
NEO/USD daily chart
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