Ken Chigbo
Independent Analyst
- NEO is nursing losses of over 3% on Tuesday, as the crypto market continues to remain weighted to the downside.
- A rising wedge pattern seen for NEO/USD on the 60-minute chart, with the bears eyeing another break of $30 mark.
The NEO price was seen down over 3% during trading on Tuesday, inline with a continued cooling in crypto prices seen across the board. Sentiment is still very much pointing to the downside, as the bears have a breather ahead of further potential selling.
NEO/USD has formed a rising wedge pattern, which could be subject to a bear break lower, should the textbook technical play out. The formation has been taking shape since the low produced on Sunday 24th June, which saw NEO at $28.62.
Technically, given the above-mentioned pattern development for NEO/USD, it does look attractive for the market bears to take advantage of. Near-term support is seen at the lower trend line of the wedge, tracking at $30.35, resistance at $32.03 100MA on the 1-hour chart and then $33.00 the upper part of the wedge.
NEO/USD 60-minute 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
Ethereum resume sideways move as Grayscale files to withdraw Ethereum futures ETF application with the SEC
Grayscale has withdrawn its 19b-4 application for an Ethereum futures ETF. SEC Chair Gensler says several crypto assets are securities as he waives off ETH classification question. Ethereum could sustain horizontal movement in the coming weeks.
FTX files consensus-based plan of reorganization, awaits bankruptcy court approval
98% of creditors receive at least 118% of allowed claims within sixty days of effectiveness, others get billions in compensation. Plan would resolve disputes with government and private stakeholders without costly and protracted litigation.
Solana FireDancer validator launches documentation website, SOL price holds 23% weekly gains
Solana FireDancer validator has debuted, meant to replicate Solana’s functionality but with higher performance. Built from the ground up for performance, FireDancer advertises speed, security, and independence.
Bitcoin price may see further upside, Standard Chartered says, citing looser regulation and US spot ETFs
Bitcoin could benefit from US fiscal dominance and Trump winning, Standard Chartered says, citing loser regulation and spot ETF approvals. Hong Kong issuers told WuBlockchain that the government prohibits sale of virtual asset-related products to mainland Chinese.
Bitcoin: Should you buy BTC here? Premium
Bitcoin (BTC) price shows signs of a potential reversal but lacks confirmation, which has divided the investor community into two – those who are buying the dips and those who are expecting a further correction.