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NEO/USD Triangle Breakout Lingers.

Byline: John Isige

* The tentative support at $10 could not hold amid the acute selling power on July 10.

* NEO is grinding closer to a triangle breakout that could boost the gains above $14.00.

NEO has endured the bear pressure in the first two days of the week only to come out successful. The crypto pressed down by the intense pressure failed to find support at $14 and $12 respectively. Besides, the tentative support at $10 could not hold amid the acute selling power. A slight dip below this level took advantage of the diminishing selling pressure to form a low at $9.74 on July 4.

The buyers, confident in the ability to beat the bullish pressure, pushed for gains above $10. Increasing buying power made a dazzling move the 50 Simple Moving Average (SMA) 4-hour The attempt to smash through the resistance at $14.00 was unfortunately unsuccessful.

With the upside movements limited by the falling trendline resistance, NEO has formed a lower low pattern heading towards $10.00 support. A weekend low at $10.50 revived the trend culminating in today's 3.15% gains. NEO is trading at $11.60 between the 50 SMA support and the 100 SMA resistance at $11.84.

Moreover, NEO is grinding closer to a triangle breakout that could boost the gains above $14.00. Technically, the trend is bullish especially with the Relative Strength Index (RSI) gradually sloping towards the overbought.

NEO/USD 1-hour chart

Image sourced from Pixabay

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Publication:Benzinga.com
Date:Jul 31, 2019
Words:328
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