Basic noob analysis of my biggest long term ALT bag.
NEO had a great run early on in the 20/21 bull market, with a top around 140 usd.. No blow off top like many other new hype coins with tech that is not even half as good as NEOs.
While the run from $5 to $140 is impressive, since then, it has experienced strong sell pressure and the market is looking like there is strong buying around 22 - 24 area.
The reason for my idea share is: I think the market is trying to form a bottom for neo, falling wedge breakout in to a descending broadening wedge, with a nice retest and targets being kissed.
Cast your eyes on the BDW and my Areas of Interest (AOI) and keep an eye on any significant rejection from these areas.
With recent rising volume, i'd expect either scenario depicted to play out pending market action with Bitcoin.
Bullish divergence across the 4H (local 4 drive bull div with the BDW), 8H, 12H, D1 and Weekly leads me to $31 is my bullish short term target, i'll be keeping a close eye on PA around there to see if the market accepts the price and continues to push on to the $48 - $50 region, or rejects and we form some kind of W bottom around $22 - $19. Any drop below the $19 area and i think there is a big chance single digit price is on the cards..
NEO had a great run early on in the 20/21 bull market, with a top around 140 usd.. No blow off top like many other new hype coins with tech that is not even half as good as NEOs.
While the run from $5 to $140 is impressive, since then, it has experienced strong sell pressure and the market is looking like there is strong buying around 22 - 24 area.
The reason for my idea share is: I think the market is trying to form a bottom for neo, falling wedge breakout in to a descending broadening wedge, with a nice retest and targets being kissed.
Cast your eyes on the BDW and my Areas of Interest (AOI) and keep an eye on any significant rejection from these areas.
With recent rising volume, i'd expect either scenario depicted to play out pending market action with Bitcoin.
Bullish divergence across the 4H (local 4 drive bull div with the BDW), 8H, 12H, D1 and Weekly leads me to $31 is my bullish short term target, i'll be keeping a close eye on PA around there to see if the market accepts the price and continues to push on to the $48 - $50 region, or rejects and we form some kind of W bottom around $22 - $19. Any drop below the $19 area and i think there is a big chance single digit price is on the cards..