The situation in the NEO market has reached a stalemate. During January, NEO buyers, together with the crypto market, confidently raised the price and tested the high in September 2020. During the price increase from $14.7 to $ 26.7, buyers met resistance twice. For the first time on January 6, buyers needed large volumes to break the $18.4 mark. If the mark 18.4. Partially slowed down the active growth of the NEO price, the range of $23-24 - the price stopped.
On January 10, abnormal volumes were recorded on the NEO market, which did not help buyers to consolidate above the $23-24 range. However, the aggressive attempt of sellers to start correcting the growth wave on January 11 also failed. In the 4-hour timeframe, we circled all the unsuccessful attempts of the sellers with a yellow oval.
After the impulsive actions of market participants, volumes in the NEO market fell significantly. Now it all depends on the medium-term vector of price movement BTC. Buying NEO is risky now. If buyers manage to consolidate above $23.8 - the price of NEO will have great prospects for growth to the mark of $46
In the daily timeframe, buyers try to gain a foothold above the previous local maximum. So far, everything points to continued growth at least to the mark of $ 23.8.
An alternative scenario and test of the $18.4 mark will be possible if buyers do not keep the white trend line. _________________________________ We create both short-term ideas (for a local understanding of the market situation) and medium-term forecasts of price movements. Subscribe to us and get daily concise analytics!