Hello, Traders!
NEO has seen interesting price action since September, showing little correlation towards the rest of the cryptocurrency market, particularly at the end of September. Since the September peak when NEO reached nearly $26 USD, NEO has seen a 30% price decrease.
From the mini-run seen at the start of the year, NEO was unable to break the $17.5USD resistance level. NEO bounced off it and headed towards $4 USD. From August the $17.5 USD level has acted as support four times, showing the current strength of this level and the unlikelihood that NEO will fall below $17.5 USD
The recent descending wedge breakout from NEO has clearly occurred. However it has been followed by a period of sideways trading. The likelihood of this being a true breakout is high. This is due to the number of confirmation points being high (6), on the downwards resistance line from the descending wedge.
NEO is currently sideways trading, as shown below with the green box. If this box is broken above (which seems most likely) the next level which NEO will be aiming for is $20 USD.
In conclusion the indicators for NEO are bullish. According to the indicators this means that NEO is unlikely to fall below the $17.5 USD level. NEOs next stop is $24USD in a bullish scenario, while in a bearish scenario expect NEO to hit just over $14 USD.
Watch out for the market and good luck!
NEO has seen interesting price action since September, showing little correlation towards the rest of the cryptocurrency market, particularly at the end of September. Since the September peak when NEO reached nearly $26 USD, NEO has seen a 30% price decrease.
From the mini-run seen at the start of the year, NEO was unable to break the $17.5USD resistance level. NEO bounced off it and headed towards $4 USD. From August the $17.5 USD level has acted as support four times, showing the current strength of this level and the unlikelihood that NEO will fall below $17.5 USD
The recent descending wedge breakout from NEO has clearly occurred. However it has been followed by a period of sideways trading. The likelihood of this being a true breakout is high. This is due to the number of confirmation points being high (6), on the downwards resistance line from the descending wedge.
NEO is currently sideways trading, as shown below with the green box. If this box is broken above (which seems most likely) the next level which NEO will be aiming for is $20 USD.
In conclusion the indicators for NEO are bullish. According to the indicators this means that NEO is unlikely to fall below the $17.5 USD level. NEOs next stop is $24USD in a bullish scenario, while in a bearish scenario expect NEO to hit just over $14 USD.
Watch out for the market and good luck!