- NEO/USD losses ground on Wednesday, dropping over 3% after a strong session on Tuesday.
- The price re-tested the channel which it breached on Tuesday, such behaviour suggests of continued bull movement to come.
The NEO price was seen down over 3% in the latter stages of trading on Wednesday, as the price pared back the gains seen during Tuesday’s session. Despite the lack of maintenance for the bullish momentum, there are signs of resumed upside movement to come.
NEO/USD on Tuesday broke out to the upside from a descending channel formation, the price has since during the session on Wednesday, pulled back on top of the pattern. The break and now re-test in the technical pattern playing out to the textbook.
Immediate support as mentioned for NEO/USD is seen at $52.50, where the bounce occurred just on top of the breached channel pattern. Currently the price is flirting around the 50% Fibonacci, seen at the $53.00 mark, if cleared next upside potential would be 38.2% Fibonacci, $54.35 in the near-term.
NEO/USD 60-minute chart
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