Ken Chigbo
Independent Analyst
- NEO extends on its run of gains, four consecutive sessions in positive territory.
- NEO/USD bulls managed to break out of a descending wedge pattern, that had been containing the price.
The NEO price made a chunky advance on Monday, gaining as much as 17% in the session, extending its own recent run of gains, taking it to four consecutive sessions closing in the green. NEO/USD bulls were able to break higher out of a descending wedge pattern.
NEO/USD had be in a very stubborn downward trend since May of this year, after the bears managed to break through a long-running supporting trend line. This initially been guiding the price higher from all the way back in September 2017.
Technically, given the recent break higher from the above-mentioned wedge pattern, NEO/USD looks to have the bullish momentum behind it. Near-term resistance is seen heading into the $40 area. Should the bulls manage to break down from $40-41, then there doesn’t appear to be much in the way of resistance up until $50 milestone. It appears that support is some way back south, at $30.85, just on top of the broken wedge pattern.
NEO/USD daily chart
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