NEO breaks above resistance after weeks of consolidation within a descending wedge pattern.
Alice Crypto projects a 40% upside, with a target price around $9.40.
$6.70 now acts as strong support after the breakout confirmation.
NEO has confirmed a breakout from a descending wedge pattern on the daily chart, setting the stage for a potential 40% upside move. This development follows several weeks of consolidation and renewed strength in market momentum.
Breakout Confirmation and Technical Setup
The NEO/USDT chart shows a clear breakout above the wedge structure that had contained price action since mid-July. A strong daily candle closed above the upper resistance line, confirming renewed strength from buyers. Breakouts from descending wedges often point to trend reversals or continuation of an existing uptrend.
Alice Crypto (@Allice_Crypto) shared an update noting that NEO had already completed the breakout phase. The tweet projected a potential 40% gain, with an upside target in the $9.00 to $9.40 range. Technical projections support this, as the wedge’s depth aligns with the expected price movement.
Momentum accompanying the breakout adds weight to the bullish case. The decisive move suggests demand has outpaced supply, leaving room for further continuation if current support levels hold.
Support and Resistance Levels
The break has reestablished major levels on the chart as the level of 6.70 is now a very important support level. A prolonged price movement above this price can validate the breakout, and give buyers the opportunity to move further. Any retest of this support could offer additional confirmation of market strength.
Intermediate resistance is located near $7.50, which traders may watch as the next checkpoint. Should momentum continue, the projected move positions NEO toward $9.40, aligning with Alice Crypto’s analysis. Market action near these levels will be important the next couple of days whether or not to strengthen or to consolidate.
The setup remains favorable as long as support is maintained. Closing daily candles above $7.00 would further strengthen the case for upside continuation in the near term.
Market Context and Momentum Outlook
The breakout occurs amid relatively stable conditions within the Bitcoin market and these moments frequently present favorable conditions to altcoin. The shift implies that NEO is attracting the attention of traders who look at solid technical conditions but not into large assets.
The recent breakout also positions NEO within a potential rotation phase, where altcoins may gain traction following Bitcoin’s consolidation. This wider market context gives a bit more color to the bullishness in NEO.NEO was last trading at $6.67 at the time of this writing, with a volume of 24 hours of $176,961,719. Over the past day, the asset has grown by 11.70%, though in the course of the last week, its price has decreased by 2.84%. These figures illustrate the breakout’s immediate effect on trading activity.
