Hello Lads and Ladies,
Today we are looking into NEOUSD. Many people were discussing and looking into NEO the last month. As well, they were questioning what is happening with it and where it is heading to.
So as we see todays' chart. NEOUSD is located around $53. Since the January 15th NEOUSD has been in a constant downtrend, as we see in the chart highlighted in yellow and red colours. The red line indicates a very strong resistance because it has been confirmed (touched) multiple times but not crossed even once. Symmetrically below this line there have formed multiple "support lines" between which the chart has been moving. The yellow filled arcs are indicating the possible price range in an approximate 2 month timeframe. After each timeframe it has been reduced by one support line.
As we are clearly coming to an end of the downtrend, we can even see that the chart has no interest in testing the possible price range (yellow filled arc).
Anyhow, there has been forming an uptrend channel within the downtrend period, which is indicated with purple colours.
In case of an, in my opinion, very likely uptrend breakout NEOUSD will locate itself in the indicated uptrend channel. Here, it would have major support and resistance lines at which it would have bigger movements.
Therefore, it is also very important to keep in mind that NEOUSD has very strong support lines at $30, $50, $80, $100.
Ending the downtrend and pushing upto $80 has, based on the indicators, a 70% chance.
Following the downtrend towards $30 and having a major bounce from there has a 30% chance.
Make sure to check it out on Tradingview - https://www.tradingview.com/u/jegerche/
me and you will find this page interesting because I am a TA expert and day trader that does daily updates and new posts about the hottest and most discussed coins.
Cheers, Tomas