Home NEO Price Prediction: NEO/USD tanks over 10% late Thursday, managing to stabilise during Friday’s session, however the selling may not be done yet
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NEO Price Prediction: NEO/USD tanks over 10% late Thursday, managing to stabilise during Friday’s session, however the selling may not be done yet

FX Street
Published date:
  • 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

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