NEO Price Analysis: NEO/USD right on the verge of a bullish pennant breakout eying $14

• NEO/USD lags a bullish pennant pattern breakout likely to catapult the price towards $14.00.
• NEO price is supported by the 50 SMA, $11.00 and $10.00, respectively.

NEO price 3.35% gain is propelling the bullish flag above the cryptocurrency landscape. It is among the biggest single-digit gainers on Wednesday as we grind to the end of the Asian session. NEO/USD opened the session at $11.61 only to shoot up to $12.09 (intraday high). A slight correction southwards has seen it trade at $11.93 (market value).

NEO currently holds the 19^th position on the market, with a market cap of $839 million. In the last 24 hours, exchanges have reported a trading volume of $1.1 billion; a significant increase from $757 million on March 1.

The downtrend experienced in the market from February 13 did not spare NEO. The price spiraled to levels around $10.43, leaving the support at $10.00 untested. Immense buying pressure has steadily sent NEO into recovery, touching the resistance at $12.00 on the upside. However, descending channel resistance is still in place, and hinders growth. Moreover, the 23.6% Fibonacci level resistance must be cleared for a proper shot at higher levels.

NEO price immediate downside is guarded by the 50 SMA on the 4-hour chart. Also offering support is short term trendline, forming part of a bullish pennant pattern. A break above the pennant pattern coupled with increased volume could ensure that NEO/USD sustains gains above $12.00 and trends towards the key $14.00 hurdle.

NEO/USD 4-hour chart