Major LONG NEO/USD! Upcoming testnet and mainnet releases!As we can see both during the last uptrend of Neo on the chart, and the most recent downtrend, it seems to respect
the Fibonnaci retracement and extension rules. On the down side it has touched and behaved as we would expect it to on the Fibonnaci on a number of occasions, bouncing between each level and trading within the channels each time.
These levels are also being respected on this current wave back up. With the upcoming release of Neo 3.0, and the inevitable demand that is seen during the release of mainnets and major events (just look at Neo's run last time they released a major product), along with the rise in the interest of cryptocurrency markets as a whole and the market cap of many coins, should mean Neo will have the opportunity to gain on it's ATH as we are still a long way to go.
We can see that it has tested each level and used it as support before breaking through and creating a channel using the next Fib level. We can use these levels for the upside along with support and resistance to determine how the price is going to move.
Using the past extension Fibonnaci from last analysis and looking at the current retracement Fib, the next resistance level for Neo is around $25.50. This coincides perfectly with the most recent high of Neo before it's pullback, however with the recent interest in crypto and upcoming projects, it's not hard to imagine this resistance being broken, with the next resistance level around $34-36. If this and the next level of $48 is broken, we could see a major push towards it's ATH.
Neo is a sleeping giant. It's one of the only top 30 coins that hasn't had a huge push during this run, and it seems it is raring to get started.
TP1: $25
TP2: 33$
TP3: 45
TP4: 70
TP4: 90
TP5: 100+
Always do your due diligence before investing. This is not financial advice.
