NEO Price Analysis Today: Consolidating Before Upcoming Bullish Cycle

NEO, the Chinese Ethereum that drew much attention in the past bullish cycle of the crypto market, is suddenly overlooked after the recent correction. Currently, NEO developers seem to be concentrated in inventing a low-key style and they care less about the publicity of the coin.

NEO Weekly Charts

From the previous weekly chart of NEO, it is evident that the coin is gaining in value again. For the last one week, the coin has been consolidating after retesting a strong support at $13.78. The consolidation has driven the NEO/USD pair near to its downtrend resistance, which is on the verge of breaking.

Unlike other giant cryptocurrencies, NEO only tested its support zone once and strongly bounced above it.

This suggests a strong interest in NEO among crypto investors and the coin may be doing push-ups in preparation for its imminent bullish cycle. Nevertheless, the coin is no longer in the public eye. In fact, many people have forgotten about it since the start of this correction. This is a norm in a market where traders and investors give less consideration to fundamentals and more to the hype.

The NEO/BTC Front

From last week’s NEO Price chart, we can see that NEO has not only progressed on the NEO/USD front but also on the NEO/BTC front. Interestingly, NEO/BTC has also consolidated for the same period of seven days. The coin also succeeded in breaking the downtrend resistance during this interval.

Wave Trend Analysis of NEO/BTC

Wave trend analysis of NEO/BTC indicates a very strong potential of the value beginning a new cycle soon. There is adequate space for growth and if the currency was to start a new cycle at this point, it will continue surging against Bitcoin until early next year. NEO’s RSI also suggests that the price has bottomed out and is now ready for a trend reversal.

Disclaimer: The information on this site is provided for discussion purposes only, and should not be misconstrued as investment advice. Under no circumstances does this information represent a recommendation to buy or sell securities.
John Makori is a cryptocurrency writer with background in IT and journalism. He has lived in different countries, and settled in Canada. He has more than 4 years of experience working as a journalist with interest in Bitcoin and Cryptocurrencies. He’s passionate about learning Blockchain technologies’ potential to reshape all aspects of our lives. He joined TheOofy as a writer.