Ken Chigbo
Independent Analyst
- NEO fell victim in the second half of Thursday’s session to what appeared to be profit taking.
- Since the break of the descending wedge, NEO/USD gained as much as 50% this week.
The NEO price was seen down over 3% in the latter stages of trading on Thursday, after a sell-off in the price picked up quite some pace after the sessions highs. The bears forced the NEO/USD back below the $40 mark.
NEO/USD has made some serious progress this week, in its mission to recover the heavy hit of losses the past few weeks or so. The price rallied as much as 50% just from Monday of this week, as the bulls aggressively charged through the descending wedge pattern.
Technically, it isn’t too surprising observing a slight pull back in the price, given the overbuying seen for NEO/USD, where the price made drastic gains in such as a short space of time. Keeping in mind the current profit-taking, next level of support is eyed around $35, should that fail to hold, then the price may be sent back down below $30.
NEO/USD 4-hour chart
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