NEO is About to Soar, Says Two Crypto Analyst
NEO seems to have fallen by the side during the long cryptocurrency winter. However, two crypto analysts have said that it could be ready to come up.
According to TraderXO, NEO might break out and experience an upsurge similar to ETH this year. At the beginning of 2020, the price of ETH was $130.47 and is currently $270.74 at press time, representing a 107 percent increment.
NEO is a competitor when it comes to smart contracts platform and it is frequently known as the “Chinese Ethereum.” The price of NEO was $8.72 in the beginning of last year and it has now increased by 75 percent to $15.29.
NEO needs to first surge past a line of barrier at $16.78 to secure momentum, says TradeXO.
$NEO – Is it a sleeping giant?
Certainly looking forward to picking some up on significant enough pullback if the opportunity arises.
Will be following this closely for any substantial announcements in 2020. pic.twitter.com/4B4z8XZPRz
— TraderXO (@TraderX0X0) February 15, 2020
Likewise, the founder of Texas West Capital, Scott Melker, who analyzes cryptos, says NEO has been able to form a bullish inverse head and shoulders pattern.
Holy mother. Confirmed breakout of an inverse head and shoulders that has existed for almost 10 months. This should pull a 50% move up just on that pattern. Expecting to see NEO take flight. pic.twitter.com/iGSsUt4I6R
— The Wolf Of All Streets (@scottmelker) February 13, 2020
He added that there is no reason for the crypto to return to the downside.
Just added heavily to my position at this retest of former resistance as support. I see no reason to turn bearish on a setup this massive (see previous tweets). pic.twitter.com/VOoQ9SVQ4y
— The Wolf Of All Streets (@scottmelker) February 15, 2020
In spite of the bullish forecast, Melker said NEO may keep declining in the short-term, together with the entire cryptocurrency market, which is on the downside at press time.
The price movement of Bitcoin is controlling the entire altcoin market. Some market participants seem to see Bitcoin amidst a new long-term bull run. Its price has stalled following an upsurge over $10k in the previous weekend and the attainment of $10.4k on February 12. At the moment, its price has declined by 2.66 percent to $9,986.
Featured image courtesy of Shutterstock. Source: Cryptopress.