NEO UP 50% as it is added onto Bitfinex exchange - Price Analysis

NEO has risen sharply in the last 24 hours to 34$ (USD) from a low of 17$. This gain is being attributed to the Chinese exchange Bitfinex making the currency available for trading against USD, BTC, and ETH. This gives NEO the much needed boost after the People’s Bank of China’s ban on ICOs, causing NEO to fall sharply.

Where does this leave NEO? Having received very good news and very bad news in the last couple of days. For starters NEOs market capitalization is still above 1 billion, this is important because it means that it is in what is called the circle of trust. Currencies with this large of a market cap are considered "stable" they have enough money behind them that its not just going disappear over night or even over a month or two.

As you can see below, after two series of sharp declines NEO tested the 38.2 (25$) retracement level and immediately shot through it as the news from Bitfinex came out. NEO is now consolidating at the 61.8 (30$) level. The next move will either be to retest the 38.2 level or what I think is more likely after consolidation at 61.8 a move to test the 100% retracement level at 38$.

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(I am not an expert and all investment decisions should be at your own risk)