If we talk about the NEOUSD pair, NEO had dropped significantly from its new high of $141. From going all the way to $198.60 of record high to dropping to the lowest of $3.89. But NEO has jumped to the #56 position in crypto rankings also it made another new high of $66.84. Recently it dropped to $44.44 from its previous high (As of 16 November 2021) and looking very good opportunity to trade. Here we will look at the technical analysis, prediction & future price of NEO Coin, so stay tuned.
As you can see, NEO Coin is massively volatile, but traders love volatility. Knowing how to benefit from the volatility might be a great trade opportunity for you. Here you can see in chart1.1, and It is a weekly time frame. NEO had a great bull run, then it dropped and consolidated for a long time. Now it has again gained momentum and started to spike up. Read more below for technical analysis and setup.
NEO Coin Technical analysis:
NEOUSDT is trading into an ascending triangle. Despite dropping sharply, it is holding its trendline strong. As you can see in the chart that it did fake out once, which shows the buyers are in control. If we talk about moving averages, we got a 20-100 EMA crossover; still it is in the triangle, so it doesn’t matter much, but it is working as a support level for now. RSI is gaining momentum and currently trading above 50.
Let’s talk about the long-term structure; if we look at all the historical data, we found that it consistently makes lower highs, and the recent lower high was $66.84, which is a very important level for both short-term trading and long-term investing. If it fails to break the $66.84 level, then we might see another big fall.
For short-term trading, if we look at the very recent data, we can see that it is making higher lows which are forming an ascending triangle pattern because of the consistent selling pressure from the resistance.
Suppose you want to know what our analysts are expecting in NEO. In that case, you can check out our trading setup here ( Please do not follow our trading setup blindly, this is for education purposes only, and act on your own responsibility):
Buy: consider buy above $57
Stop loss: Below 100 EMA
1st: $78.26 and if it continue moving up then
2nd target: $95.26
Short: If it breaks below $42.66
Stop loss: Above 20 EMA
1st target: $35.55 and if it continue falling down then
2nd target: $24.98
NEO Coin Forecast:
The NEO is looking overall bullish for the long-term view. With bitcoin spiking up and a strong outlook for further price movement, It can potentially support small coins and the crypto market. Our analyst team is forecasting bitcoin price for the 1st target at $84000 and the 2nd target of $100000. Bullish momentum in big cryptocurrencies can lead up the market for smaller cryptocurrencies.
Please do not create a position in FOMO; NEO is still not in the perfect market structure, so let it take some time to build up the market structure. Then execute the trade as per our Long and short trading setup as per the price movement.
Note: We provide our analysis and study for educational purposes only. Please make a decision according to your study and risk management plan. Investment or trading in crypto are subjected to market risk, do complete research and make your own decision.