- 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
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