NEO has already broken out of its , but that wouldn't mean much if the current support is broken. We probably wouldn't get back into that channel, but NEO could test the top of it as support (my red X) if things go south. On the upside, if sentiment changes drastically for NEO, we could see it actually moving up to test the previous uptrend as resistance (pink). That gives a price target around $26 - a nearly 300% increase from here. Before that, I can see it getting capped by the top of the current (red), around $16. Right now, we're right at the bottom of this and very close to breaking down and causing it to become a giant .
This is a clear trading opportunity for those who are feeling risky. NEO has a lot to gain or lose. There isn't much support on its Bitcoin pairing, so we will need to see that the USD chart has some merit. If you look at my analyses on ETH, you'll notice some similarities between the NEO and ETH charts, but the differences make NEO look by comparison. ETH, for instance, hasn't made a new low against Bitcoin . The idea for NEO will be invalidated if it breaks down hard and starts to head back towards the lows. I may consider dropping NEO from my portfolio if things don't improve soon, though I really like the project. This would be unfortunate indeed. This is its last chance for redemption, in my opinion.
In any case, this is not financial advice. It is purely my opinion based on what's going on. Just wanted to post this for future reference, to see how it plays out.