Technical Analysis of NEO

NEO is a platform and China’s first-ever open-source blockchain in which users can issue and trade assets. This cryptocurrency is previously known as Antshares and is often considered China’s response to Ethereum. NEO cryptocurrency represents an ownership of the NEO platform and allows users to vote on protocol changes on the NEO blockchain. My opinion is that NEO could be a very good investment opportunity and putting a reasonable amount of money into NEO could potentially turn out to be an excellent investment. The team behind NEO is very good and its founder Da hongfei is a great expert and a good leader. Another positive thing for NEO is that the Chinese government has embraced the platform, while simultaneously distancing itself from other cryptocurrencies like Ethereum and Bitcoin. When we look at the 1-year chart we can see that NEO is moving in “downtrend”. As long NEO is below $40 this cryptocurrency is in the “SELL” zone. Short term support and resistance levels are $5 and $10 – If the NEO jumps above $10 that would be a “BUY” signal and the open way to $15 or even $20. If the NEO jumps above  $40 that could be a strong signal of the trend reversal and the open way to $60. On the other side, if the XRP falls below $5 that will be a strong signal “SELL” signal and the next target could be around $3.

Advice: NEO can be a very good investment option according to estimates and some predictions say that this cryptocurrency could be above $100 in the next several years. Yes, it is true that the price could fall even more but the current price of NEO stands around $7.5 and this is an excellent entry level for the long-term investors. As for the technical picture, the NEO remains in bearish phase but if the price advances above $20, short-term traders can enter the position with the stop loss at $18 and take profit at $25 or even $30.