Falling wedge pattern breakout yields as NEO spikes by 2%

• NEO trimmed gains from highs close to $13.50 but support at $11.00 ignited the ongoing reversal.
• Trading above the falling pattern has been instrumental for the 2% rise in value on Wednesday.

NEO is among the biggest single-digit gainers on the market on Wednesday. The crypto has embarked on a mission to break the barriers to the upside. The recovery follows several days of suffering under the heavy battering from the bears. NEO trimmed gains from highs close to $13.50 and extended the correction to test $11.00 support.

The formation of a short term falling wedge pattern has been fruitful for NEO. A breakout above the pattern resistance has opened the door for NEO bulls to explore a return above $13.00. NEO/USD is flirting with $12.00 after stepping above the 100 SMA on the 4-hour chart resistance.

The RSI in the same 1-hour range is making an entrance into the overbought (the region above 70). Continued movement north of the RSI will cement the position the bulls have on the market. It is essential that the bulls find support above $12.00 which will allow them to concentrate on beating the resistance towards $13.50.

NEO/USD 1-hour chart