NEO - Can It Make It?
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Some people may really be wondering...can NEO make it?
This coin undeniably has one of the worst looking charts in crypto. It is well below its prior support and has been slumping down since the August 13th capitulation move by most altcoins. I bought some around $14.70 but sold around $19 to add more to a couple other coins that have better looking long term charts (these coins have also dropped a bit since then. Oh well). The reason why I sold was that it made a lower high after getting rejected at around 0.0030 BTC. While many other alts are still well up from their recent bottoms (showing buying interest), NEO has remained flat. This shows that there is little to no demand for this coin at this time.
However, this can change. There is a chance NEO has a breakout along with the rest of the market when the bull is back (as I've mentioned, I think it has a high probability of being late 2018, early 2019). It could also simply die out. This is a very real possibility with this coin based on indicators, and I would be very careful until it clearly breaks out above any recent highs. See the two possibilities in green on my chart.
USD Linear Chart. As you can see, there are no supports below this level until the single digit range. If we break up, we can target the previous support turned resistance at $70. If we bounce off, and then ultimately break up again, that will be the best case scenario.
USD Log Chart shows how dire the situation is:
This is not financial advice, and I am not a qualified financial advisor. I do not hold a position in this coin right now. This MAY change in the future, but I will be waiting until some sort of clear indicators that investor confidence has returned. I will be updating this occasionally.
-Victor Cobra
This coin undeniably has one of the worst looking charts in crypto. It is well below its prior support and has been slumping down since the August 13th capitulation move by most altcoins. I bought some around $14.70 but sold around $19 to add more to a couple other coins that have better looking long term charts (these coins have also dropped a bit since then. Oh well). The reason why I sold was that it made a lower high after getting rejected at around 0.0030 BTC. While many other alts are still well up from their recent bottoms (showing buying interest), NEO has remained flat. This shows that there is little to no demand for this coin at this time.
However, this can change. There is a chance NEO has a breakout along with the rest of the market when the bull is back (as I've mentioned, I think it has a high probability of being late 2018, early 2019). It could also simply die out. This is a very real possibility with this coin based on indicators, and I would be very careful until it clearly breaks out above any recent highs. See the two possibilities in green on my chart.
USD Linear Chart. As you can see, there are no supports below this level until the single digit range. If we break up, we can target the previous support turned resistance at $70. If we bounce off, and then ultimately break up again, that will be the best case scenario.
USD Log Chart shows how dire the situation is:
This is not financial advice, and I am not a qualified financial advisor. I do not hold a position in this coin right now. This MAY change in the future, but I will be waiting until some sort of clear indicators that investor confidence has returned. I will be updating this occasionally.
-Victor Cobra
Anmerkung
Bullish target: $70Bearish target: $2-4
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Forgot to add the horizontal support around 0.0018-0.0020Anmerkung
Technically, NEO has very good support in the $3-7 range if the orange diagonal support fails. The ideal buy target would be around $4. If it goes down there and rebounds hard, it'll be an amazing buy opportunity. This would be an ideal long term entry, as this is the most this coin can correct and still remain long term bullish, in my opinion. (NANO actually corrected by this same amount). Remember, it was mere cents a year and a half ago. Anmerkung
If NEO follows a similar parabolic rise and correction to NANO, $3.60 should be absolute bottom, followed by a stabilization in the $12 area.Anmerkung
Had a nice bounce yesterday that was immediately sold. Not much else to say about this coin for now. This same price action is happening with some other cryptos too. Most coins are grinding down to lower support levels, where I think they will flatline for a while. This has been my view on the market recently. Of course, I'll update if things change.Anmerkung
Someone bought a lot yesterday, that's pretty much it. This does signal some accumulation, but this coin COULD actually break down further, unfortunately, as this is one of the weaker looking alts for now.Anmerkung
Needs to rebound here, otherwise it'll probably slide to new lows. As I expected, the short pump from yesterday was completely sold. Even though BTC and some other alts are (barely) holding their newfound supports, NEO continues to look weak. Still looking for a demand zone. The whole market looks very mixed right now. XRP and XLM holding strong still.Anmerkung
Heading towards the buy zone on the USD chart ($4-7 zone). On the BTC chart, we are still holding the 2000 previous support. Anmerkung
We bounced a little bit above the buying zone, which tells me we might have at least one more drop to go. Either that, or the bulls wanted to step in early to create more FOMO if it really rises. We'll see.Anmerkung
I was right about another drop to the $7 area at least. This has a good chance of being bottom. We are right at the top of the buy zone. Ideal capitulation would happen with one further leg down to the $3-4 area. We may never get there, so now is probably a good time to start laddering in buys for long term, if you still believe in NEO. It's good that it hasn't broken yearly lows on the BTC ratio so far. Anmerkung
Broke the yearly low on the BTC ratio this past day, by a small margin. We may be priming for that final capitulation low. Be ready, but also be prepared if it doesn't happen. This is the beginning of accumulation, as I see it.Anmerkung
Heading into the buy zone for NEO! That is, if you believe in the project. Anmerkung
Welcome to the last chance buy zone, guys! It's been great watching this since I posted the chart when NEO was still above $16. Anywhere from here down to $3.60 is a great buy area, if you really think NEO will succeed. As I said before, NEO could very well die out, but if you STRONGLY believe in it, this is the beginning of your last chance to accumulate.Anmerkung
NEO has ventured into the buy zone, as I said above. However, I'm personally not bullish on NEO yet. We just made a new low against Bitcoin, as it continues to underperform relative to a lot of other coins out there. As I said earlier in this analysis, NEO has a significant chance of dying out. HOWEVER, if we can bounce back above 1900 and 2000 in the near future, my perspective may change. Anmerkung
Looks like we had enough buying once we got into the $5-6 area to push us up back above 2000. It's a good sign for NEO!
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