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Price Analysis

NEO Rises, NEO/USDT Buyers Eyeing $120 and Gains Versus Bitcoin

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Crypto and NEO prices are encouragingly stabilizing after the bear storm of mid-May 2021, traced back to mid-April 2021.

This is a reprieve considering the rate of reversals over the last few weeks. If anything, most altcoins lost over 60 percent, slumping below critical Fibonacci retracement levels.

Among assets pummeled despite its history and position in China—and around South East Asia, was NEO.

NEO Market Performance

Fact is, NEO losses were unexpectedly more profound. Slumping by over 75 percent, finding support at the 78.6 percent Fibonacci retracement level, the NEO/USDT price is now stabilizing, moving horizontally but below the 20-day moving average in the daily chart.

NEO Price Daily Chart for June 15

If anything, the middle BB has been a reliable resistance line in the past few weeks. At spot rates, there are attempts to reverse losses.

NEO/USDT bulls are already anchoring on the double bar bullish reversal pattern of May 23 and 24—and the general support NEO prices found in late May.

However, the absence of a follow-through and low participation levels still skews prices in favor of sellers.

This could change once there is a comprehensive, high-volume close above the middle BB and $65 in the immediate term, shifting price action in line with incredible gains of Q1 2021 and trend continuation.

NEO/USDT Primed for $120

Reading from favorable price action in the daily chart, most NEO bulls expect a moon-swing from spot rates. For instance, tumbler55 on Trading View predicts NEO/USDT to race back to $120.

tumbler55--NEO

There could be more room for expansion based on technical indicators and candlestick arrangements in the daily chart.

Notably, NEO/USDT prices are trading inside an ascending triangle. Tracing price action on the lower end is the 200-day moving average. This level has been offering NEO/USDT bulls support as prices bounce for the second time.

A breakout to the upside will set the ball rolling for optimistic bulls who may ramp up at around $50, targeting $120—May 2021 highs– in the medium term.

It is the same view Unitsol on Trading View holds.

Unitsol --NEO

Specifically, he has picked out a bullish signal urging “aggressive buyers” to load at spot rates. In a scalping strategy, the analyst expects a rally towards $65—his first target.

From the price action in the 4HR chart, NEO/USDT seems to be breaking out to the upside after being confined inside a falling wedge for the better part of the first half of June 2021.

Sustained gains above $50 provide the much-needed launching pad for NEO bulls targeting a race back to May 2021 highs of $120.

NEO Likely to Outpace Bitcoin

On YouTube, SkinnyMoonHunter is positive the coin could outpace BTC in the immediate term. Still, this would primarily be dependent on whether the main support holds.

He picks out an inverted head-and-shoulder pattern in the daily chart of the NEO/BTC, anchoring his confidence.

For now, this support line is at 1219 Sats. If buyers are accumulating at spot rates, odds of another wave of higher highs reflecting gains of March through to early May 2021 would be high, lifting NEO to over 2k Sats.

Charts courtesy of Trading View

Disclaimer: Opinions expressed are not investment advice. Do your research.

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Passionate about Blockchain, Crypto, Blockchain, and Bitcoin. Excited of what lies ahead. Advocating adoption. HODLer!

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