NEO Technical Analysis: Buyers Control The Major Range

The last three trading weeks in the NEO market have re-energized investors and given them hope for the cryptocurrency sector to resume its growth trend. Although weekly trading volumes remain low, the NEO price has begun its reverse phase. Increased trading volumes during the trading week of 14 February demonstrated to purchasers where there is a local growth impediment. This is the $27 price point. Following the price of NEO meeting this range a month and a half ago, sellers increased their activity dramatically. At the present, the primary benefit of purchasers is their strong control over the $18 mark. This is a historically significant mark. We see from history that for 2.5 years, buyers were unable to overcome this overcharge. It was in December 2020, when it was brought under control, that a new era in the NEO market began.

As a result, a comeback from this level is extremely plausible. The critical question is how long it will take for purchasers to coalesce and what the ultimate growth target will be. As the NEO price consolidates, a retest of the $18 area is possible. Within this area, there will be an excellent opportunity to purchase NEO with minimal risk. NEO’s first medium-term growth aim is $60. Near this point, sellers are more likely to activate. It is at this stage that we will grasp the NEO market’s power balance and whether to anticipate further price increases.

Daily Technical Analysis Of NEO

Do purchasers, on the other hand, stand a chance of avoiding a local drop to the $18 level and continuing to grow? Naturally, this possibility cannot be overlooked and should be planned for. In the event of continuous development, it is critical for purchasers to break the $30 barrier and maintain it in the face of a local seller counterattack. This is a solid indication to purchase with a short stop order and the possibility of a 90 percent price increase. If the stop order is executed, the NEO price will revert to the consolidation range of $18-$30. In this instance, you should anticipate a retest of the consolidation’s bottom limit.

Given the lack of trending trading volumes and a more consolidation-like pattern, you should be prepared for two outcomes. Additionally, you should trade NEO coin only in high-liquidity zones. Additionally, it should be noted that the BTC price should be firmly established above the $45,000-$46,000 area. Until now, buyers have been able to seize possession of it. However, sellers have made no attempt to verify the range’s strength. As a result, in our opinion, the best opportunity to buy NEO at a reasonable price should be at the conclusion of the trading week.

The NEOBTC Price Has Not Yet Begun To Rise

By examining the daily price movement of NEOBTC, we can tell that the price has remained stable. From November 2021, market players’ relationships will be resolved within a constrained consolidation corridor. Stopping above the middle line of the global fall channel, the NEOBTC price suggests that a new growth wave is about to begin. To begin, you should move past consolidation and maintain a price above the 0.000615 level. The first growth objective in this case is 0.000860, and the final one is 0.00125. However, it should be remembered that even such a wave of increase would not constitute a global reversal of the NEOBTC market’s negative trend from January 2018.

Disclaimer: These are the writer’s opinions and should not be considered investment advice. Readers should do their own research.

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