NEO/USDT seems to be forming a multi year Cup & Handle pattern, with the handle as a descending wedge. The descending wedge appears to be bouncing (5) where you would expect it to before potential breakout out of the wedge. (Arrows in purple are loose predictions where price could go, don't look too much into those)
However, with BTC so uncertain atm, and the tendency for cryptos to produce fakeouts in these patterns... I wouldn't be surprised to see a dip below the wedge first, especially if BTC goes to low / mid 30s. A dip below 'could' go as low as $8-11.
In terms of FA for NEO, this strongly backs up the case for breakout of this pattern towards the second half of this year. NEO have had a new upgrade which involved an entirely new blockchain (N3) along with migrating tokens over to that new blockchain which was under development for the past 4 years... this went live in August 2021. Due to this, projects were told to wait until the new blockchain is built for them to build, which they are now doing. Many have considered this coin 'dead' due to seeing a limited number of projects and zero marketing, however, as mentioned above there was a valid reason for this. Marketing efforts are due to begin later this year once projects are up and running thus being able to showcase the capabilities of the chain, rather than what we usually see in this space of hyped promises. We are currently seeing some projects come to fruition on NEO already (most recently an algorithmic stablecoin native to NEO was launched named LRB/USDL). Aswell as this they are currently hosting a hackathon named 'Polaris' in which around 400 entrants have been submitted so far. This ends in June/July 2022, so we are likely to see a lot of projects flourish on the NEO blockchain Q3 onwards. Further, the NEO foundation have been key players in this space since 2014, they have a lot of key connections with teams all over the globe. They are partnered with some of the biggest partners in the industry such as InterWork Alliance, PolyNetwork, .NetFoundation (Microsoft), IEEE and BSN China. Their Chinese chain 'Jiuquan Chain' for BSN will go live this month, meaning Chinese citizens can buy NFTs (they call them DDCs) on it, and build dapps. In my opinion, this is a strong endorsement of NEO by the chinese govt, considering the only other public blockchains chosen were Ethereum and EOS. When this chain goes live for BSN, it will more than likely give some attention to NEO again. All in all, there's strong fundamentals backing up NEO to complete the Cup & Handle pattern this year.
N.B. There are a few older coins with similar patterns, LTC and XMR being two, whilst the last run saw mainly newer coins get the hype. It can be argued these older coins are due a resurgence as they've continued to build behind the scenes, and as the runs for the hyped coins of last cycle are coming to an end, money tends to rotate elsewhere.
However, with BTC so uncertain atm, and the tendency for cryptos to produce fakeouts in these patterns... I wouldn't be surprised to see a dip below the wedge first, especially if BTC goes to low / mid 30s. A dip below 'could' go as low as $8-11.
In terms of FA for NEO, this strongly backs up the case for breakout of this pattern towards the second half of this year. NEO have had a new upgrade which involved an entirely new blockchain (N3) along with migrating tokens over to that new blockchain which was under development for the past 4 years... this went live in August 2021. Due to this, projects were told to wait until the new blockchain is built for them to build, which they are now doing. Many have considered this coin 'dead' due to seeing a limited number of projects and zero marketing, however, as mentioned above there was a valid reason for this. Marketing efforts are due to begin later this year once projects are up and running thus being able to showcase the capabilities of the chain, rather than what we usually see in this space of hyped promises. We are currently seeing some projects come to fruition on NEO already (most recently an algorithmic stablecoin native to NEO was launched named LRB/USDL). Aswell as this they are currently hosting a hackathon named 'Polaris' in which around 400 entrants have been submitted so far. This ends in June/July 2022, so we are likely to see a lot of projects flourish on the NEO blockchain Q3 onwards. Further, the NEO foundation have been key players in this space since 2014, they have a lot of key connections with teams all over the globe. They are partnered with some of the biggest partners in the industry such as InterWork Alliance, PolyNetwork, .NetFoundation (Microsoft), IEEE and BSN China. Their Chinese chain 'Jiuquan Chain' for BSN will go live this month, meaning Chinese citizens can buy NFTs (they call them DDCs) on it, and build dapps. In my opinion, this is a strong endorsement of NEO by the chinese govt, considering the only other public blockchains chosen were Ethereum and EOS. When this chain goes live for BSN, it will more than likely give some attention to NEO again. All in all, there's strong fundamentals backing up NEO to complete the Cup & Handle pattern this year.
N.B. There are a few older coins with similar patterns, LTC and XMR being two, whilst the last run saw mainly newer coins get the hype. It can be argued these older coins are due a resurgence as they've continued to build behind the scenes, and as the runs for the hyped coins of last cycle are coming to an end, money tends to rotate elsewhere.
