The NEO (NEO) price has broken out from a long-term resistance level but has failed to sustain its rally. 

Even though the price fell below a crucial resistance after the breakout, the price action and wave count suggest another rally is forthcoming.

Can NEO Sustain Breakout?

The weekly NEO outlook is mixed since bullish and bearish signs are in place. On the bullish side, the price broke out from a 609-day resistance line. This led to a sharp upward movement and a new yearly high of $15.80 in February. 

While this seemingly caused a reclaim of the $12 horizontal area, the price fell below it shortly afterward. The area is now expected to provide resistance.

Such deviations are considered bearish signs since buyers could not sustain the rally.

Finally, the RSI provides a mixed outlook. Traders utilize the RSI as a momentum indicator to assess

Go to Source to See Full Article
Author: Valdrin Tahiri

Did you like this?
Tip BTC Newswire with Cryptocurrency

• Bitcoin
• Bitcoin Cash
• Ethereum
• Litecoin
• Monero
• ZCash

Donate Bitcoin to BTC Newswire

Scan the QR code or copy the address below into your wallet to send some bitcoin:

Donate via Installed Wallet Copy

[X] Click Here to Hide Donation Details

Donate Bitcoin Cash to BTC Newswire

Scan the QR code or copy the address below into your wallet to send bitcoin:

Donate via Installed Wallet Copy

[X] Click Here to Hide Donation Details

Donate Ethereum to BTC Newswire

Scan the QR code or copy the address below into your wallet to send some Ether:

Donate via Installed Wallet Copy

[X] Click Here to Hide Donation Details

Donate Litecoin to BTC Newswire

Scan the QR code or copy the address below into your wallet to send some Litecoin:

Donate via Installed Wallet Copy

[X] Click Here to Hide Donation Details

Donate Monero to BTC Newswire

Scan the QR code or copy the address below into your wallet to send some Monero:

Donate via Installed Wallet Copy

[X] Click Here to Hide Donation Details

Donate ZCash to BTC Newswire

Scan the QR code or copy the address below into your wallet to send some ZCash:

Copy ZCash Address

[X] Click Here to Hide Donation Details