NEO Price Prediction: NEO/USD paring back the strong gains seen on Monday, price edging back towards broken wedge pattern
|- NEO continues to outperform much of its peers across the major altcoins, up over 2% on Tuesday.
- A bullish pennant pattern can be seen on the 60-minute chart, pending breakout to the upside.
The NEO price was seen with decent gains at the latter stages of trading on Tuesday, up just over 2%. It has been the clear outperformer so far this week, with the strong progression and continued price recovery.
NEO/USD has rallied over 22% in the past two sessions, as the bulls are keen to maintain momentum, after being on the back foot in the last couple of weeks. Given the breakout from the descending wedge pattern, further buying appeal could spur on the bulls.
Technically, NEO/USD remans attractive for the market bulls, given the wedge breakout, but in addition, a bullish pennant formation is evident via the 60-minute chart. Near-term resistance is seen at $37.60 at the above trend line of the pennant, support tracking at $35.57.
NEO/USD 60-minute chart
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers.