Neo, an open network for smart economy, is one of the blockchain currencies I am most bullish. I believe this coin has the potential to endure the collapse of the cryptocurrency bubble (whenever that bursts) and thrive to help the world become a better and more efficient place. However, those are my personal and long term views and someone’s personal opinions should never be added in investing while making an analysis because it can cause complexities when it comes to deciding when to enter or leave the market.
With that being said, let us take a look at the charts, which is something we can trust to ensure we are never adding our own personal biases and instead help us in understanding the health of the ecosystem in which we decide to participate in.
Looking at the #NEO chart we can see that we found some support at the $67.30 level, which I must say it reacted very nicely too.
Since then we have seen prices double to ~$140.00, which crushed my first level of resistance expected which was great for anyone who was a buyer. That would give the green light for my $108.80 to be used as the next level of support. After consolidating on this level for a few days prices saw an explosive move higher and now we are on our way towards the targets where the next expected resistance is found. This zone should be found between $147.00 – $154.00, if we can see some weakness here then we might be in store for a good sized retracement. However, If we can crush it — which is what i would rather see — then we will expect new highs to be made in NEO.
Targets are as follow:
Target 1: $147.00
Target 2: $154.00
Target 3: $170.00
Target 4: All-Time high ($200.50)
Original Post: https://beyondthehodl.com/neo-analysis-2-26-18-support-found-108-whats-next/
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It is a very interesting platform. I personally think Ethereum is better positioned to be one of the main cryptos of the future than NEO but I am still learning and love to hear as many opinions as possible. Are you more bullish on NEO than ETH?
based on the charts they are both VERY strong and I am excited to see what the future brings on those.
I think the important part to remember here is that the Chinese market loves their cryptos so that might be a reason why NEO outperforms ETH. A good example how strong the Chinese market is would be how whatsapp failed in its market penetration in China because WeChat took all its customer base.
At the moment of course Ethereum has the upper hand because its being used and as long as the space keeps getting larger companies will have no problem with building on top of their blockchain.
My thinking was buy them both and wait for the chart to show signs of weakness in one over the other. I do not listen to public opinions or news announcements or anything to make my analysis. The chart tells me all I need, and when it is ready I will share with everyone else as well!