NEO has taken a solid beating in this bear market as it is down over +90% from its peak back in January. After hitting lows below $14 for the first time since last September, NEO seems to not have a pulse as it remains flat where most majors have seen decent gains off their local bottoms. This, in turn, presents sizable gains to be made in NEO once people start to move back into the name as it feels like it has been left for dead. On the 2D chart, we can see the RSI racing upwards while the price remains sideways, which is an early indication that NEO might be preparing itself for a major move soon. Again all lies in the hands of BTC price action but if we do get a mini-alt run, NEO could benefit handsomely. As seen on the chart, both targets set out coincide with the 23% and 38%FIB levels and even then, NEO price would only be back to $40 if this play works out, which isn't much in comparison to its almost $200 price tag just a few months ago. Granted, I am not calling for a return to all-time highs just yet, but a return to $40 can't be seen as improbable.
Entries for this trade can be anywhere in this strong demand zone and stops should be placed below the SFP lows. BTC will dictate the next move for most altcoins, therefore keep an eye on it before entering a position.
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Entries for this trade can be anywhere in this strong demand zone and stops should be placed below the SFP lows. BTC will dictate the next move for most altcoins, therefore keep an eye on it before entering a position.
Please hit the 'like' button, give us a follow and let us know what you think below!
Thanks
Comment:
Also forgot to mention, another way to profit off of this play is to look at GAS/BTC. In the past, every time NEO has gone on a run GAS has followed right behind and could yield greater % returns! Something to keep in mind.