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NEO Price Prediction: NEO/USD chunky profit taking kicks in, as bulls give up proportion of gains

FX Street
Updated:
  • NEO price suffers some big losses on Friday, down just shy of 7%.
  • NEO/USD has given up as much as 50% of the gains made initially this week.

 

The NEO price received heavy blows from the bears on Friday, dropping as much as 7% in the session. NEO/USD is quickly heading back towards the breached descending wedge pattern, of which the price was contained within at the back end of last week.

NEO/USD had gained over 50% from Monday up to the highs of the week printed on Wednesday, which saw the price over the $49 level. As a result of the bulls losing upside momentum, the price is quickly giving back gains made.

Technically, NEO/USD is heading towards a total retreat back towards the broken wedge pattern, above that would see the price below the $30 mark, prior to that support will be eyed around $36. Resistance in the near-term is seen at $45, where the 50DMA tracks.

 

NEO/USD daily chart

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