- NEO encounters heaving selling pressure overnight on Thursday, in-line with a broad cooling seen with the other major altcoins.
- A rising wedge pattern can be seen, pending a break to the downside, inviting additional selling.
The NEO price was able to find its feet, after dealing with chunky selling pressure overnight on Thursday. A cooling in crypto pricing was seen across the market, with several key support areas being broken for the major altcoins.
NEO/USD dropped over 10% during the night on Thursday, running through the support seen at the 24th June low, $28.61. The price managed to bounce just ahead of the $27 mark, seeing the RSI pushing well into oversold territory.
Technically, the price has been forming a rising wedge pattern, since the bounce from the selling overnight. Support is now tracking at $27.78, which is the lower trend line guiding the price currently. Resistance to the upside is seen at $28.35 the 100MA and then $28.90, the top line of the mentioned wedge.
NEO/USD 15-minute chart
Share
