- NEO/USD under selling pressure again on Monday, as price breaks out from rising wedge pattern.
- Rebound foundations have however been laid, after the first weekly positive close in 4 weeks.
The NEO price broke out of a rising wedge pattern on Monday, which saw selling pressure intensify on the break. Losses during the session exceeded 6%, one of the standout underperformers, with losses seen across the crypto market.
NEO/USD has been grinding higher within this wedge throughout last week, enjoying a path to recovery, after weeks of a downward trend. The upside seen in the previous week appears to have been short-lived, given the moves seen on Sunday and Monday. NEO had gained over 20% last week, it isn’t too surprising seeing a slight pullback. Given the strong bounce on the weekly by NEO/USD, closing within the green for the first time in 4 weeks, it has laid the foundations for a retracement.
Technically, NEO/USD has managed to find near-term support at $52.18 (session lows), this is also where the 61.8% Fibonacci tracks of the latest uptrend. Current the bulls are trying to breakdown resistance seen around $53.40, 50% Fibonacci and resistance on 60-minute chart. Further upside barriers seen at; $54.60 38.2% Fibonacci and then $55.30 100MA.
NEO/USD 60-minute chart
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