NEO price update: NEO/USD trims gains below the descending trendline resistance
- NEO lower high pattern continues to force NEO against key support areas.
- The path of the least resistance is sideways to allow for indicators to improve the technical picture.
The cryptocurrency market is mixed with red and green signals. This follows a lower correction led by Bitcoin on Monday. NEO is among the cryptocurrency assets struggling to make a correction from the dive. After opening the day’s trading at $8.62 the price hit a high of $8.75.
The one-hour chart for NEO/USD shows a continues lower high pattern below the trendline resistance. The short-term 50 simple moving average crossed below the long-term 100 SMA at $9.59 suggesting a lower consolidation for NEO. Besides, the gap between the two continues to expand as an indication of growing optimism among the bears.
The declines yesterday found support above $8.4. A staged recovery lost steam short of $8.5. meanwhile, the relative strength index has been unable to leave the oversold. In the near-term the oversold conditions are likely to force an upward correction. The traders can also watch the moving average convergence for a positive divergence likely to signal a reversal and the return of bullish pressure.
NEO/USD 60’ chart
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Author
John Isige
FXStreet
John Isige is a seasoned cryptocurrency journalist and markets analyst committed to delivering high-quality, actionable insights tailored to traders, investors, and crypto enthusiasts. He enjoys deep dives into emerging Web3 tren
