Crypto Analysts Predict the Success of NEO
During the long cryptocurrency winter, NEO seems to have fallen by the side; however, two crypto analysts said the firm could be ready to rise. As per TraderXO, NEO might break out and experience an incline.
NEO is a competitor regarding smart contract platforms, hence its popular name, the “Chinese Ethereum”. The price of NEO was $8.72 at the start of last year, and currently, it upsurged by 75% to $15.29.
Crypto Analysts Views on NEO
According to TradeXO, NEO needs to first surge past a line of the barrier at $16.78 to secure momentum. The founder of Texas West Capital, Scolt Melker, added that NEO recently formed a bullish inverse head and shoulders pattern. Melker also said that there is no reason for the crypto to go back to the downside.
Despite the bullish forecast, Melker pointed out that NEO may keep declining in the short term, together with the entire cryptocurrency market, which is on the downside at the press time. Bitcoin’s price movement is controlling the whole altcoin market. Some market participants seem to see Bitcoin amidst a new long term bull run. Its price stalled following a surge over $10K in the previous weekend and reaching $10.4k on the 12th of February 2020. Currently, the price declined by 2.66% to $9986.