- NEO broke down of a key short term chart, bounce not sustained.
- Long term resistance comes haunting for the bulls.
NEO gave away almost all its gains after hitting lows in December and now broke down of a key ascending trendline on the short term chart earlier this week. There was also a bounce to give some hope for the bulls, but couldn’t sustain.
NEO/USD trading flat on day at $7.809 and in less than 2 percent range for the day, giving no impetus to either bulls or bears to take momentum in their favour in a low volume weekend trading. On the 120-minute chart, NEO broke down below ascending trendline earlier this week, bounced and then again gave back the gains – good enough sign that the bounce from December lows is over and we’re heading all the way below it.
On the daily chart too, the crypto touched a long term descending trendline resistance and gave away all its might.
NEO/USD 120-minute chart:
NEO/USD daily chart:
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