NEO Price Analysis May 29th: Breaking key resistance, steady climb to $15?

29 May, 2019 | Updated: 29 May, 2019
by David Borman
Price Analysis
NEO Price Analysis May 29th: Breaking key resistance, steady climb to $15?

NEO has been a little volatile over the last 6 months but still on an average steady climb ever since its lows back in December of 2018. Thanks to an ascending channel, the price has just recently broken above a key resistance level which, if it becomes support, could help continue the upward trend towards $15.

Highlights:

- With slight variance, NEO has been in an ascending channel since December.

- Price has largely held above 50 Day MA.

- Now we have broken key resistance about $13.80.

- If $13.80 holds as support, continued upside in this channel is likely, which should soon take us up to $15.

Starting on the 4 hour timeframe, we can see that NEO has been rising more or less neatly within an ascending channel since the December lows. The bottom of this channel has largely been supported by strong Moving Averages, as we can see here with the 50 and 200 MAs. We just broke through key resistance at about $13.80 but got stopped out by the top of the channel, around $14.45.

NEO/USD Chart provided by Tradingview

Zooming out to the daily, it becomes easier to see the historical relevance of the level we just broke as well as the clearly defined resistance coming up at $15. We can also see how well the 50 Day MA is supporting the lower end of this channel.

NEO/USD Chart provided by Tradingview

Bull Scenario:

The price manages to find support here above $13.80 and continues to climb inside this channel, plausibly reaching $15 within a week. Once we solidly break $15, NEO will be out of its own "crypto winter" and the excitement around this could see upside to $16 or even $17.

Bear Scenario:

If we lose support at $13.80, we will likely tumble to recent MA support around $12, but if we break below that we will almost certainly test the bottom of this channel around $11.30. Based on the recent trend, dropping any lower for an extended period seems rather unlikely.

As stated, NEO hasn't truly joined most of the market in Crypto Spring, as it is still technically below the levels it was holding before the November crash. That being said, its growth has been slow but steady, meaning there is good reason to have faith that this growth will continue. Will excitement kick in above $15? Stick with Chepicap for all updates!

Litecoin halving & Bitcoin halving: $LTC to smash ATH! Subscribe to the Chepicap YouTube Channel for more videos!

Follow Chepicap now on Twitter, YouTubeTelegram and Facebook!

Chepicap is now LIVE in Blockfolio! This is how you receive our latest news in your portfolio tracker!  

Read more about: NEO (NEO)

Poll

Can we break $15 this week?

(8 votes)

Add a comment

Check out the latest news

You will be logged out and redirected to the homepage