- NEO makes late push to further add to recent run of gains, jumping around 8% within an hour time frame on Monday.
- A bearish pennant pattern can be seen for NEO/USD on the 4-hour time frame.
The NEO price was seen up 2.5% in the latter stages of trading on Monday, after starting the session slow within negative territory. Despite the brief recovery seen on the past couple of days, there are still some worries about this current stubbornly strong bearish trend, seen across the market.
NEO/USD has staged a rebound, after a decent bounce of the lows at $35.80 seen on the 13th June, the price however still failing to sustain any real upside momentum from the bulls. NEO price action has formed a bearish pennant pattern, as can be seen on the 4-hour chart view.
It would be key to see a break from the mentioned pennant pattern, the upper resistance seen at $40.90, a move north and close above this would cancel out the textbook technical. On the flipside, the key level of support to the downside is seen just below $37, a breakout could open the doors to large selling pressure.
NEO/USD 4-hour chart
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