NEO And 0x Are Outperforming The Entire Crypto Market: Analysis

NEO and 0x seem to be outperforming the entire crypto market since it remained subdued on Wednesday as Bitcoin and a number of other altcoins continued to trade toward the respective monthly lows as we are read previously in our NEO news.

NEO and 0x pose move higher on the charts which are likely technically driven. The total crypto market capitalization is around $215 billion which is an increase of about 0.46 percent since Tuesday. 0x staged a very strong recovery from the November monthly trading low and the ZRX/USD pair recovered back above the 200-day moving average and gained close to 15 percent since yesterday.

The four-hour time frame showed that the token could be in the process of forming a very complex inverted head and shoulders pattern and also a rally towards the $0.35 level could confirm this theory. The key technical resistance for the ZRX/USD pair is going around the $0.28 price level and also the $0.35 level. To the downside, the key support is found at $0.25 and $0.23 levels.

NEO is among the best performing altcoins from the top 20 cryptos by market cap back on Wednesday and the pair even gained over five percent intraday. The NEO/USD pair is technically bullish in the medium-term and the crypto trading above both its 50 and 200-day moving averages. There is also a large head and shoulders pattern still present on the daily time frame and the NEO/USD buyers will have to rally the cryptocurrency by more than 100 percent to invalidate the bearish pattern.

The key upcoming resistances for the pair are located at the $13.60 and $14,75 levels and according to the latest data, the sentiment towards the entire crypto market is neutral at 47 percent. Litecoin got the weakest sentiment among the top-10 cryptocurrencies at only 9.5 percent and in the meantime, Ethereum got the strongest one of 53 percent.

If the coins pull back, we can see some smart money funneling profits into other Chinese coins such as TRON, Ontology, and Qtum. TRON is flashing a few bullish signals now and there and it looks that it will follow the footsteps of Neo and Vechain. TRON even converted the $0.0187 resistance into support and it can also see the impending cross between the 100-day moving average and the 50 days moving average.