- After breaking out, NEO bulls struggle to take it higher.
- Sustaining supports is key.
NEO bulls have not been able to carry on the momentum after the prices broke out of a descending triangle pattern on the medium term charts, as a result, it has been consolidating and giving up gains.
NEO/USD is biggest loser of the day among the major cryptos, trading more than 2 percent lower at $32.360, at the low point of the day. On the 480-minute chart, earlier this month, NEO broke out of a falling triangle, which is a bullish sign. For a week NEO has been able to hold on to the gains, but only to give up major part of the gains later.
If, this breakout needs to be sustained, then NEO should hold on to $30 levels for now while on the upside crossover of $41 is a must.
NEO/USD 480-minute chart:
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