Quickie look at NEO/USD - price breakdown prior to possible rally

cryptoplayhouse (54)in #neo • 6 years ago

NEO/USD Quick Check in
4-30-2018

How's it going fellow crypto heads!

Today were going to take a rather quick look at NEO and a few of the technical aspects along with a quick snipit on the fundamentals on why I've remained bullish on the project for quite some time.

Technicals:

Semi long term trend established april 6th, return to trend likely by May 5th
Whether we break through the bottom of the current minor channel towards the ATH -1.09% 23.6% retrace or not will be important to judging its path
Convergence galore around may 5th (long term trend, cycle end, 38% ATH -1.09% retrace)
Break down to the lower support seems likely based on current path and the prior retrace that broke down out of the channel
MACD, RSI , STOCHASTIC , and STOCHASTIC RSI totally bottomed

Fundamentals:

I'm not going to bore the non crypto folks with the story of NEO and all that, but i must mention the smart contracts.
Essentially the driving thing to me that keeps me so bullish on NEO is its presentation of an alternative and possibly more effective smart contract ecosystem than the current ethereum -2.90% network allows for.

For those unaware, as the smart contract system grows ETH faces continuous scaling issues, many of which NEO attempts to address.

My take on the next week:

Likely break down to the $82-$80 range, at which point we'll hopefully see a bounce and consolidation to the $86-$88 range before rallying back into the prior trend channels.

And for the cro-magnon when moon lambo-ers: just HODL, NEO is a solid project lol

DISCLOSURE:
This analysis is meant for educational purposes only. You trade at your own risk!

Austin Doyle
CTO

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