The cryptocurrency market remains subdued on Wednesday as Bitcoin and a number of top altcoins continue to trade towards their respective monthly price lows.
0x and NEO are currently outperforming the broader cryptocurrency market. The move higher in both appears to be technically driven.
The total cryptocurrency market capitalization is $215 billion, an improvement of 0.46 percent since Tuesday.
0x has staged a strong recovery from its November monthly trading low, with the ZRX/USD pair recovering back above its 200-day moving average, and gaining close to 15 percent since yesterday.
The four-hour time frame shows that the token may be in the process of forming a complex inverted head and shoulders pattern. A rally towards the $0.35 level would confirm this theory.
Key technical resistance for the ZRX/USD pair is found at the $0.28 and $0.35 levels. To the downside, key support is found at the $0.25 and $0.23 levels.
ZRX/USD by TradingView
NEO is the best-performing altcoin out of top-20 crypto’s by market cap on Wednesday, with the NEO/USD pair gaining over five percent intraday.
The NEO/USD pair is technically bullish over the medium-term, with the cryptocurrency trading above both its 50 and 200-day moving averages.
A large head and shoulders pattern is still present on the daily time frame. NEO/USD buyers would need to rally the cryptocurrency by over 100 percent to invalidate the bearish pattern.
Key upcoming resistances for the NEO/USD pair are located at the $13.60 and $14.75 levels.
NEO/USD by TradingView
According to the latest data from https://thetie.io/, sentiment toward the entire cryptocurrency market remains neutral, at 47 percent.
Litecoin has the weakest sentiment among the top-10 cryptocurrencies at 9.5 percent. Meanwhile, Ethereum has the strongest at 53 percent.