Ken Chigbo
Independent Analyst
- NEO price traded with modest losses during the session on Tuesday, although a big move looks possible.
- A bearish pennant pattern formation can still be seen, as the price trades within that.
The NEO price was trading with modest losses on Tuesday, after the short-lived bull-run ran out of steam, being knocked back down with some weight, from the highs of the session at $41.50, a troublesome area.
NEO/USD is trading within a bearish pennant pattern formation, which has been respected since 14th June. A breakout to the downside could be very costly for NEO, very inviting to the bears to sell on the textbook pattern development.
Technically, as demonstrated today (Tuesday) there is much resistance at the session highs, tracking from $41-42, a strong touted supply zone. A firm push and break from the bears could see a fast move back towards $44-45. Given current downside pressure, support is eyed at $37 and then $35, a break there could be catastrophic for NEO/USD.
NEO/USD 4-hour chart
Note: All information on this page is subject to change. The use of this website constitutes acceptance of our user agreement. Please read our privacy policy and legal disclaimer. Opinions expressed at FXstreet.com are those of the individual authors and do not necessarily represent the opinion of FXstreet.com or its management. Risk Disclosure: Trading foreign exchange on margin carries a high level of risk, and may not be suitable for all investors. The high degree of leverage can work against you as well as for you. Before deciding to invest in foreign exchange you should carefully consider your investment objectives, level of experience, and risk appetite. The possibility exists that you could sustain a loss of some or all of your initial investment and therefore you should not invest money that you cannot afford to lose. You should be aware of all the risks associated with foreign exchange trading, and seek advice from an independent financial advisor if you have any doubts.
Recommended Content
Editors’ Picks
Google, Apple could remove Binance from their app store on Philippines SEC request
The Philippines SEC has requested Google and Apple to remove applications controlled by Binance from their App stores. The exchange’s Philippines-based users are finding the exchange inaccessible to remove their funds.
XRP rallies as Ripple slams SEC for penalties, asks regulator to establish likelihood of future violations
Ripple filed its response to the SEC lawsuit on Monday, arguing that XRP institutional sales before and after the court ruling show no disregard for the law. The firm asks for a civil penalty of no more than $10 million against the $2 billion requested by the SEC.
Here’s why Ondo price hit new ATH amid bearish market outlook Premium
Ondo price shows no signs of slowing down after setting up an all-time high (ATH) at $1.05 on March 31. This development is likely to be followed by a correction and ATH but not necessarily in that order.
PENDLE price soars 10% after Arthur Hayes’ optimism on Pendle derivative exchange
Pendle price is among the top performers in the cryptocurrency market today, posting double-digit gains. Its peers in the altcoin space are not as forthcoming even as the market enjoys bullish sentiment inspired by Bitcoin (BTC) price.
Bitcoin: BTC post-halving rally could be partially priced in Premium
Bitcoin (BTC) price briefly slipped below the $60,000 level for the last three days, attracting buyers in this area as the fourth BTC halving is due in a few hours. Is the halving priced in for Bitcoin? Or will the pioneer crypto note more gains in the coming days?