- NEO/USD manages to break free from a dictating descending channel pattern.
- Near-term upside target seen within the $31.50 area, support eyed at $29.95.
The NEO price was seen holding modest gains late in Wednesday’s session, up just shy of 2%. There is still a lack of fully committed direction, following the heavy volatility seen at the back-end of last week.
NEO/USD price action was forced to move within a descending channel, which had formed on Monday, following the big push off the lows printed on 24th June. NEO dropped around 10% within this mentioned pattern, before breaking out in Wednesday’s session.
Technically, given the recent pattern formation being broken, as playing out to the textbook, some further short-term upside can be seen. The next upside resistance isn’t seen until around $31.50, where the price struggled to break down on two occasions on 26th June session. Support is now seen at $29.95, just above the descending channel.
NEO/USD 30-minute chart
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