NEO: This breakout needs confirmation

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  • NEO breaks out of a key resistance in the medium term chart.
  • Needs to cross certain levels for this breakout to confirm.

NEO the crypto broke out of a key resistance on the medium term charts, which if confirmed, could result in some good upside. This confirmation, though depends whether the bulls are able to carry on the momentum in the weekday trading when there are enough market participants around to take on the game.

NEO/USD is up more than 6 percent on day at $6.09, around high point of the day. On the 240-minute chart of this crypto, it managed to break out of a key descending trendline resistance that is still pending confirmation – crossover of $6.57 and 21 days SMA of $6.88, once confirmed, it can rally towards $8 at least.

Bigger resistance, though, is placed around $12 mark, which is a descending trendline on the daily chart and may take a while to cross past.

NEO/USD 240-minute chart:

NEO/USD daily chart:

 

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