The NEO Quandary: Past and Present
NEO has been flopping around like a fish out of water in the cryptocurrency market, dropping to an underwhelming tenth place by market cap. With recovery still underway, many investors find themselves wondering if riding the NEO wave is worth it.
A Glimpse into the Chart: Weekly Insights
When we take a look at NEO’s weekly chart, it’s like watching a dramatic soap opera filled with ups and downs. Initially, post-launch in 2016, NEO struggled, languishing below a dollar like a lost puppy. But then in May 2017, things took off, with prices soaring to dizzying heights of around $58 by August. After such euphoria, a setback was inevitable. The price corrected but stayed afloat above the 20-week EMA, which is about as comforting as a warm blanket on a cold night. Fast forward to January 2018, NEO reached a peak near $200 before hitting some serious turbulence.
Charting New Territory: Daily Analysis
Shifting to the daily chart, we see NEO flirting with resistance at the $80 mark like it’s on a first date. Though it briefly broke free from this price, it quickly fell back below the trendline. Currently, we’re witnessing a rounding bottom pattern, which could lead to a surge if it breaks above $80. If all goes well, this could target around $115. But if NEO takes a nosedive below $64, we might have to hoist the ‘troublesome waters ahead’ banner.
Investment Strategies: Long-Term and Short-Term
For long-term investors who believe in NEO’s potential, now might be a decent time to buy the dip. The historical data suggests that after consolidating for a few weeks, the next trend is likely to shoot upwards. For those who prefer a more thrilling approach, short-term traders should wait for a breakout above $85 to make their move.
Next Steps and Risk Management
For those already holding NEO since the $64 level, it’s crucial to keep a close eye on the markets. Maintain protective stop losses at breakeven. As always, remember that with great potential comes great responsibility—be sure to trade cautiously and be prepared for the highs and lows!
