NEO Breaks The Bear Market Downtrend!
Updated
In my last NEO analysis, I suggested that if it broke this downtrend, it could head up to the $32 area at least. That's an important level from the previous bull market. Unfortunately, NEO has taken quite a while to break out, which may limit upside a bit. Instead of $20 being the first target, we must first clear $13.70-$14.00. However, the Ultimate Oscillator has clearly broken out on the WEEKLY, which is significant indeed. The weekly Ultimate Oscillator has ventured into bullish territory for many alts for the first time since 2016. This could mean that this breakout should be taken seriously, and it's time to load up on promising cryptocurrencies.
Time will tell, but if NEO can hold above the 50w MA (red) here, I think it can easily test the $13.70 area. If it breaks above that with volume, it should head straight towards the 100w MA (green), near the $20 zone. From there, we will have to see if NEO can break out further and make its first higher high of the bear market, signaling a trend reversal. Perhaps one of the reasons why NEO has done so well, even since 2019, is that the new 3.0 upgrade will bring interoperability to the NEO chain. This is an extremely important, if NEO (or any cryptocurrency) is going to survive through the next cycle. I mean, just look at the LINK chart and you can see how bullish cryptocurrency investors are in terms of interoperability.
On the bearish side, we don't want NEO to get back into the downtrend, as that would be a signal that it can head to new bear market lows.
Previous NEO analysis:
Original NEO post where I called the bottom:
NEO chart from November, 2018 when I suggested a move towards $5-6.
This is not financial advice. This is meant for speculation, education, and entertainment only.
-Victor Cobra
Time will tell, but if NEO can hold above the 50w MA (red) here, I think it can easily test the $13.70 area. If it breaks above that with volume, it should head straight towards the 100w MA (green), near the $20 zone. From there, we will have to see if NEO can break out further and make its first higher high of the bear market, signaling a trend reversal. Perhaps one of the reasons why NEO has done so well, even since 2019, is that the new 3.0 upgrade will bring interoperability to the NEO chain. This is an extremely important, if NEO (or any cryptocurrency) is going to survive through the next cycle. I mean, just look at the LINK chart and you can see how bullish cryptocurrency investors are in terms of interoperability.
On the bearish side, we don't want NEO to get back into the downtrend, as that would be a signal that it can head to new bear market lows.
Previous NEO analysis:
Original NEO post where I called the bottom:
NEO chart from November, 2018 when I suggested a move towards $5-6.
This is not financial advice. This is meant for speculation, education, and entertainment only.
-Victor Cobra
Note
Continued move up for NEO today. The market feels like it's almost ready for a correction, but there's still some decent room to the upside. NEO has some wiggle room now, but not much. If the market corrects here, I don't want to see NEO drop below the $10.50 area. Note
Wow, NEO bounced right off that $10.50 level I mentioned, along with the broken downtrend. If NEO is to eventually move up to higher levels, I don't want to see NEO go lower than that.Note
Note
NEO has held the $10.50 level again, briefly going below it yesterday to the $10.00 mark. If it can't bounce soon, it could end up in the downtrend again and look rather dangerous. NEO should ideally hold current levels, or it can test $8, $6, or even make a new low. Note
After a successful test of the broken downtrend, NEO is starting to inspire confidence again. Let's see if we can tackle $14 next. Note
Getting closer to that $14 area! Let's see what happens.
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