NEO Cryptocurrency Weakness Appears to be Very Temporary!
Since mid-January, the #NEO #cryptocurrency has been charting a series of lower highs, drawing concerns among those #investing in the #altcoin.
However, this may be a temporary condition ultimately leading up to a much larger rally. Let's pull up the NEO logarithmic analysis below:
A few key takeaways:
- The low for this year is $64.88, so the "baseline" for this chart is set at $60; therefore, a 100% move will take NEO to $120, and so on...
- Note that at the top of the 100% sector (or the bottom of the 50% sector) at $120 lies longer-term horizontal support, which NEO is currently struggling to maintain
- However, also note the development of a bullish pennant formation!
While nearer-term weakness may negatively impact the NEO cryptocurrency, I believe that the longer-term should see a much higher price movement.
Also consider the all-time NEO line chart (which you can pull up at Coinmarketcap.com), which shows the development of a bullish pennant at this current juncture.
Thanks for reading, and stay tuned for my next crypto update!
#cryptoupdate #NEO #cryptocurrency #altcoin #investing #crypto
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I am very bullish for Neo. The whole market suffered a lot within the last weeks, but Neo did a very nice job to hold its value compared to the average. I have no doubts that it will however increase, if the market recovers easily as well.
I'm with you there...after looking objectively at the charts (I was earlier hesitant on NEO), I think it has potential to surprise in a very positive way.