Technical Analysis of NEO

NEO can be a very good investment option according to estimates and some predictions say that this cryptocurrency could be above $200 in the next several years. The cryptocurrency market has advanced around 2-3% in the last 24 hours and the price of NEO is also supported by this situation. The price of Bitcoin is still below $8 000 and there is a correlation between the price movements of Bitcoin and other cryptocurrencies. NEO is a platform and China’s first-ever open-source blockchain in which users can issue and trade assets. NEO cryptocurrency represents ownership of the NEO platform and allows users to vote on protocol changes on the NEO blockchain. This cryptocurrency is previously known as Antshares and is often considered China’s response to Ethereum. 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 $10 and $16- If the NEO jumps above $16 that would be a “BUY” signal and the open way to $20 or even $25. 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 NEO falls below $10 that will be a strong “SELL” signal and the next target could be around $8.

Advice: According to estimates, this cryptocurrency has a bright future but I would invest only a small sum of money in NEO.  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.

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