Search ForexCrunch
  • NEO/USD consolidated the losses above $17.00 resulting in an upward swing above $20.00.
  • NEO controls the reaction to the double top pattern.

NEO is among the few coins trading in the green on Friday afternoon (GMT). The market has turned bloody red, although cryptocurrencies opened the day’s trading making considerably recovery. NEO is up 1% on the day but it has trimmed the gains after it formed a double top-pattern around the highs of $20.50.

After consolidating the losses, it had suffered on Monday and Tuesday, NEO started correcting higher above the $17.00 support. There was a retracement above the moving averages (SMA and 200SMA) yesterday. This opened paved the way for more upside movement above the resistance at $19.00. NEO/USD continued with the gains above $20.00 but stalled on trading highs of $20.50. This led to the formation of a double top pattern which allowed the sellers to enter.

The declines below $20.00 broke past the support at $19.00, tested $18.50 but formed a low at $18.72. At the time of writing, the bulls are pushing for recovery after pulling back above $19.00. Both the moving averages worked as support lines during the slight declines. The trend prevailing at the moment is bullish and NEO is hammering on $19.25. If NEO/USD manages to break above $19.50 it could open the door for more gains above $20.00.

NEO/USD 60-minutes chart