- NEO price traded with modest losses during the session on Tuesday, although a big move looks possible.
- A bearish pennant pattern formation can still be seen, as the price trades within that.
The NEO price was trading with modest losses on Tuesday, after the short-lived bull-run ran out of steam, being knocked back down with some weight, from the highs of the session at $41.50, a troublesome area.
NEO/USD is trading within a bearish pennant pattern formation, which has been respected since 14th June. A breakout to the downside could be very costly for NEO, very inviting to the bears to sell on the textbook pattern development.
Technically, as demonstrated today (Tuesday) there is much resistance at the session highs, tracking from $41-42, a strong touted supply zone. A firm push and break from the bears could see a fast move back towards $44-45. Given current downside pressure, support is eyed at $37 and then $35, a break there could be catastrophic for NEO/USD.
NEO/USD 4-hour chart
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