NEO price prediction: NEO/USD bulls fail to complete bullish pennant pattern, could now be susceptible to a reversal of Tuesday’s big gains

• NEO/USD bulls fail to complete bullish pennant pattern, as price breaks lower, down 3%.
• Heavy supply zone is seen running from $53.00-53.50, support in the near-term at $50.00.

The NEO price was hit on Wednesday, after the bulls failed to maintain momentum, which resulted in a non-completion of the bullish pennant pattern. NEO/USD ran into heavy resistance within the early $53.00 area.

NEO/USD hard formed a bullish pennant pattern, after the large rally seen on Tuesday, where the price jumped around 10%. It then entered a path of consolidation, which isn’t too surprising, given the big move in such a short space of time. The price behavior was indicating of another breakout to the upside, however not proving to be the case.

A heavy supply zone is seen from $53.00-53.50, an area that has caused some trouble since 26th May. Given the chunky downside being observed, on the back of the failure to complete the bullish pennant, eyes are on the net support seen at $50.00. Resistance looks rough underneath the mentioned pattern, tracking at $51.60.

NEO/USD 30-minute chart