- NEO/USD makes a break to the upside from a descending channel pattern.
- Momentum within the near-term could very well remain with the bulls, given the recent channel breach.
The NEO price made a chunky jump of over 5%, in the late afternoon of trading of Tuesday’s session, after being in negative territory for most of the day. In terms of the late gains, this was seen across the board with the major altcoins.
NEO/USD had been stuck within a short-term bearish trend over the past two sessions, in-line with the cooling across the crypto market, following decent gains in the previous week. NEO dropped after hitting session highs at $58.29 on 3rd June.
Technically, within the near-term further upside could be on the cards for NEO/USD, given the breakout from the falling channel pattern. The price is currently sitting on the 38.2% Fibonacci, it takes a resting period after the decent move north. Resistance is seen at the 100MA, tracking at $55.20, then next target seen at $56.00, the 23.6% Fibonacci.
NEO/USD 60-minute chart
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