TL:DR - Neo has set up a bearish pattern and I feel the most likely move is down to $38ish UNLESS it can rise with the rest of the crypto tide.
This is the chart for Neo with 1 Day candles. I'm going to be blunt, this chart scares me. Whereas Ethereum, Bitcoin, OMG, and many others have formed symmetrical triangles, Neo has formed a descending triangle. Symmetrical triangles are usually continuation patterns meaning if the coin was in a bull run before it will likely go on a bull run after. Descending triangles on the other hand, most often result in bear markets and that is what is setting up for Neo.
I've been a "long-term" HODLer of Neo (if the coin is <2 years old is anyone really a long term holder?) buying it as AntShares around the $6 mark. At that time it legitimately looked like it could be the "Ether of China". It surged in price all the way up to an All-Time-High of about $200 in January.
In this time we have seen other Chinese/Asian competitors like Waltonchain, VeChain, QTUM, Zilliqa, WanChain, and others come onto the scene with big name partnerships. Since January we have seen Neo lose 72.8% of its value, slightly outpacing the average top 50 coin in this time. They also have stalled on their goal to decentralize the validators. As far as I know OnChain, Neo's parent company, hosts all of the validator nodes. Most recent reports indicate the bottleneck is figuring out how to incentivize people to vote in validators. The lack of decentralization is truly a problem as several months ago no blocks were made on the Neo chain for 2+ hours when one of the validator nodes went down and OnChain had to manually reset it. To me, it feels like it has lost its hype.
On the other hand they have been busy on a world tour, stopping at tech hubs like San Francisco, Amsterdam, Lisbon, Paris, Zurich and more. And they have had numerous promising ICOs released on their chain. In the whole space the last 6 months have been a time to focus on improving the underlying technology to get it ready for the masses. Time will tell if Neo has kept up to speed.
In terms of the chart my suspicion is we will break lower, heading toward the the "extreme support" of $38-42. If we break upward of the triangle we could see $92 in the next month but I am skeptical of this scenario.
***This is not investing advice. I am not an investing professional. Do not invest what you cannot afford to lose. All investors should seek guidance from licensed financial advisers and not random people on the internet.***
This is the chart for Neo with 1 Day candles. I'm going to be blunt, this chart scares me. Whereas Ethereum, Bitcoin, OMG, and many others have formed symmetrical triangles, Neo has formed a descending triangle. Symmetrical triangles are usually continuation patterns meaning if the coin was in a bull run before it will likely go on a bull run after. Descending triangles on the other hand, most often result in bear markets and that is what is setting up for Neo.
I've been a "long-term" HODLer of Neo (if the coin is <2 years old is anyone really a long term holder?) buying it as AntShares around the $6 mark. At that time it legitimately looked like it could be the "Ether of China". It surged in price all the way up to an All-Time-High of about $200 in January.
In this time we have seen other Chinese/Asian competitors like Waltonchain, VeChain, QTUM, Zilliqa, WanChain, and others come onto the scene with big name partnerships. Since January we have seen Neo lose 72.8% of its value, slightly outpacing the average top 50 coin in this time. They also have stalled on their goal to decentralize the validators. As far as I know OnChain, Neo's parent company, hosts all of the validator nodes. Most recent reports indicate the bottleneck is figuring out how to incentivize people to vote in validators. The lack of decentralization is truly a problem as several months ago no blocks were made on the Neo chain for 2+ hours when one of the validator nodes went down and OnChain had to manually reset it. To me, it feels like it has lost its hype.
On the other hand they have been busy on a world tour, stopping at tech hubs like San Francisco, Amsterdam, Lisbon, Paris, Zurich and more. And they have had numerous promising ICOs released on their chain. In the whole space the last 6 months have been a time to focus on improving the underlying technology to get it ready for the masses. Time will tell if Neo has kept up to speed.
In terms of the chart my suspicion is we will break lower, heading toward the the "extreme support" of $38-42. If we break upward of the triangle we could see $92 in the next month but I am skeptical of this scenario.
***This is not investing advice. I am not an investing professional. Do not invest what you cannot afford to lose. All investors should seek guidance from licensed financial advisers and not random people on the internet.***
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Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.