NEO Price Analysis - August 22, 2018
At the time of writing, NEO price is currently sitting at $17.3
So the NEO chart is, understandably, looking very similar to the charts of its siblings. We saw it form a dynamic uptrend that was followed by a breakdown copying the movement of BTC.
Right now it looks like NEO is right along the edge of the latest temporary support formed at $17 (you know, following the principle of resistance-turned-support and vice versa). It looks like it has tested this support twice so far, and we might be in for another test over the next 24 hours. All in all it appears to be in consolidation mode after the breakdown of the dynamic uptrend.
On the upside, if NEO can indeed hold up the $17 support, we'd be looking for a retest of $19.5, after which a test of $21 might be possible, although it looks to have a higher chance of getting rejected there unless there's an increase of buying across the market as whole. On the downside, if $17 fails to hold, next level we'd look at would be $15.5. To be honest that looks like a strong support, but in the off chance that also breaks down, we're really left with $14.10 or so.
If we zoom out and look at the bigger picture, we'll see that $14.10, or the latest low we've had, is really a bottom out of NEO, as it's the lowest level we've seen since September 2017. IF you're a long-term investor, you might take this as a good sign and a good entry point for NEO. Below $14.10, watch very closely and see how it behaves $13.5-$14.0 as that would be a very critical level.
On the daily chart for NEO, technical indicators give a bearish outlook (14 sell, 10 neutral, 2 buy)
On the weekly chart for NEO, technical indicators give a slightly better but still similar bearish outlook (12 sell, 6 neutral, 3 buy)
As always, if you have any questions, don't hesitate to reach out via email or through our Telegram group! (links below)
\
How to get in touch with us:
Follow us on Steemit - @ledger256
Join our Telegram group - https://t.me/joinchat/GXO2tBJ1TWgm0AHo9d4Scw
*We're always around to be of help in all things crypto and blockchain :)
Email us - [email protected]
DISCLAIMER
NO FINANCIAL ADVICE – The information on this blog is provided for education and informational purposes only, without any express or implied warranty of any kind, including warranties of accuracy, completeness, or fitness for any particular purpose. The information contained in or provided from or through this blog is not intended to be and does not constitute financial advice, investment advice, trading advice or any other advice. The information on this website and provided from or through this website is general in nature and is not specific to you the Reader or anyone else. You should not make any decision, financial, investment, trading or otherwise, based on any of the information presented on this blog or any affiliated channel without undertaking independent due diligence and consultation with a professional broker or financial advisory. You understand that you are using any and all Information available on or through this website at your own risk.
RISK STATEMENT – The trading of Bitcoins and alternative crypto-currencies has potential rewards, and it also has potential risks involved. Trading may not be suitable for all people. Anyone wishing to invest should seek his or her own independent financial or professional advice.