NEO/USDT: An Overlooked Altcoin with High Upside Potential
In this analysis, I will be shedding light on Neo, an altcoin that used to be one of the top in terms of market cap during the 2017 bull run.
NEO currently sits at #31 on the market cap list, with 1.18b in market cap.
Analysis
- It's important to note how the volume continues to increase dramatically over time
- Prices have barely moved within the accumulation zone, yet the trading volume has reached an all time high on Binance
- It has a setup very similar to that of other major alts such as Ethereum and Litecoin, which have shown/is showing parabolic moves
- Prices are trading above the 20 Simple Moving Average (SMA) and 60 SMA.
- We are seeing a bullish descending wedge formation on the weekly
- Should we see a breakout leading prices to test previous all time high levels, the upside is an astonishing 900%.
- The fibonacci retracement demonstrates potential resistance zones
Conclusion
I believe that there is high upside potential for NEO. Especially with NEO 3.0 launching this month, we could expect a news driven breakout for this altcoin.
NEO currently sits at #31 on the market cap list, with 1.18b in market cap.
Analysis
- It's important to note how the volume continues to increase dramatically over time
- Prices have barely moved within the accumulation zone, yet the trading volume has reached an all time high on Binance
- It has a setup very similar to that of other major alts such as Ethereum and Litecoin, which have shown/is showing parabolic moves
- Prices are trading above the 20 Simple Moving Average (SMA) and 60 SMA.
- We are seeing a bullish descending wedge formation on the weekly
- Should we see a breakout leading prices to test previous all time high levels, the upside is an astonishing 900%.
- The fibonacci retracement demonstrates potential resistance zones
Conclusion
I believe that there is high upside potential for NEO. Especially with NEO 3.0 launching this month, we could expect a news driven breakout for this altcoin.
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