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NEO Technical Analysis: The Main Range Is Under The Control Of Buyers

Analytics

cryptoknowmics.com 29 March 2022 11:55, UTC
  
Reading time: ~3 m

The last three trading weeks in the NEO market have revived investors and given them hope to restore the growth trend of cryptocurrency. Although trading volumes on the weekly timeframe remain small, the NEO price begins the reversal process. Relatively increased trading volumes during the trading week of 14 February showed buyers where there is a local barrier to growth. This is the $27 mark range. After the meeting of NEO price in this range a month and a half ago, sellers became significantly more active. The main advantage of buyers at the moment is the confident retention of control over the mark of $18. This mark has historical significance. In history, we see that for 2.5 years, buyers could not break this markup. It was taking it under control in December 2020 that created a new era in the NEO market. TradingView Chart https://www.tradingview.com/x/3Dq9Z7Bw/ Therefore, a rebound from this mark is extremely likely to happen. The main question is how long it will take buyers to gather strength and what is the final growth target. As the NEO price moves in consolidation, a re-test of the $18 range can be expected. In this range, there will be a great chance to buy NEO with low risks. The first medium-term growth target of NEO is $60. Sellers are more likely to activate near this mark. It is at this point will understand the balance of power in the NEO market and whether to expect continued price increases.

Technical Analysis Of NEO On The Daily Timeframe

TradingView Chart https://www.tradingview.com/x/frLGyrGg/ However, do buyers have a chance to avoid a local correction to the $18 mark and continue to grow? Of course, this scenario can not be omitted and should be prepared for action. In the event of continued growth, it is important for buyers to break the $30 mark and keep it after a local counterattack by sellers. This will be a good signal to buy with a short stop order and the prospect of a price increase of 90%. If the stop order is triggered, the NEO price will return to the $18-$30 consolidation corridor. In this case, you should expect to retest the lower limit of consolidation. Given the trading volumes that are not trending and are more reminiscent of consolidation one - you should be prepared for two scenarios. And you should trade the NEO cryptocurrency only from strong liquidity zones. It should also be understood that the BTC price should be firmly fixed above the range of $45,000-$46,000. So far, buyers have managed to take control of it. But, there has been no verification of the strength of this range by sellers. Therefore, in our opinion, the chance to buy NEO at the right time and at a good price should be by the end of the trading week.

The NEOBTC Price Has Not Started To Boost Yet

TradingView Chart https://www.tradingview.com/x/DoTlu6CH/ Analyzing the movement of NEOBTC prices on the daily timeframe, we can see that the price remains the same. From November 2021, market participants will resolve their relations in a narrow consolidation corridor. Stopping above the middle line of the global fall channel, the NEOBTC price hints at the readiness to form a new growth wave. Though, for a start, you should go beyond consolidation and stay above the 0.000615 range. In this case, the first growth target is at 0.000860 and the final at 0.00125. However, it should be understood that even such a wave of growth will not mean a global reversal of the downward trend that has been on the NEOBTC market since January 2018.


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