NEO Technical Analysis: There Is A Growth Prospect of 150%
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At the time of writing, the consolidation in the NEO market has been going on since November 2021. The weekly candles of 4 April indicate that this consolidation is coming to an end and buyers are preparing to break the upper limit of $30. Where did we see the signal to complete the consolidation? This secret lies in the trading volumes during January-April 2022. Note that at this period, the trading volumes during growth began to increase. Instead, local attempts by sellers to continue the downward trend took place at low volumes and without much danger. A striking example of this are the weekly candles on 4 April. Two weekly candles in a row without any fire in the eyes to push the price down. This fact indicates the complete depletion of sellers in this range and the lack of strength to resist the rise of NEO price.
Technical Analysis Of NEO On The Daily Timeframe
Analyzing the NEO price movement on the daily timeframe, we can formulate the most negative scenario at the moment. If the Bitcoin price continues to fall and the $38,000 mark breaks, we will expect the local low of the NEO price and the $18 test to be updated. It is at this price that it would be wise to buy NEO in the medium term. If the test of this mark takes place, it will be as fast as possible and the price should bounce off it immediately. It is this behavior of the NEO price that will mean total control of the market by buyers. Though, for this negative scenario to take effect, sellers need to take control of $20. While this mark is under the control of buyers, the chance of starting growth without the $18 test is the highest.
The NEOBTC Price Is Intriguing From November 2021
The fact of gaining a buyer's position for the new wave of growth is clearly seen in the weekly NEOBTC price chart. As of November 2021, the price is in narrow consolidation over the critical liquidity range of 0.000510. Globally, the NEOBTC price continues to be in a downward trend, the upper trend line of which is 150% of its price. This is the approximate target for buyers expected in the event of a NEOBTC price shot from the current consolidation upwards. An alternative scenario is a total market depression by the end of 2022. For such a scenario, the NEO price should be firmly fixed below the range of 0.000510. In this case, the best investment is to wait in the stablecoins.