Ken Chigbo
Independent Analyst
- NEO is seen nursing losses of over 3% on Wednesday, with price action still remaining somewhat narrow.
- Head and shoulders pattern eyed on the 30-minute chart view, price close to testing neckline at $37.90.
The NEO price was nursing losses of over 3% on Wednesday, after failing to move back above the $40 area. Across the major altcoins soft pricing has been witnessed during the session, much caution and narrow trading still observed.
NEO/USD price action from 16th June, has been forming a head and shoulders pattern, with the left shoulder and head having already taken shape. The right shoulder is currently on its way to completion, heading towards the supporting neckline, which will be a key test.
Technically, trading still remains somewhat neutral, as volumes typically slow down given the summer holiday period. Nevertheless, NEO/USD is subject to potential summons down the mentioned neckline support, this is seen tracking at around $37.90, a breach could see the price fall down to $35 territory. Looking to the upside, resistance on the 30-minute seen at $39.70 and then $40.80 heading into $41 area.
NEO/USD 30-minute chart
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