It's been a while so let's take a look at the price action of NEO and point out critical price points to come up with investment scenarios.
The More Things Change - The More They Stay the Same
If we look at the daily chart of NEO over the past few months you can see we are a bit ranged bound with $15-$16 level being a support. Upside resistance comes in to play around $20 followed by the next level of $24, which we got on that pivot high back in September.
Similar Look on a Broader View
The chart below is the same daily chart with the same exact support/resistance lines as on the chart above. Except now we can see back an entire year.
Notice any familiar price points?
You can see the $15 area was a major support back in October 2017, just as it has been in October of this year. That's right boys and girls - NEO did a full roundtrip from last year's price.
The real question is - will it rally off this level like it did late last year?
You can also see our topside resistance around $24 was also a support level early in what turned out to be a big move to close out the year. That level now acts as support and is our first major price target.
Conclusion
Pay attention to these levels. If we crack below $15 things may get a little ugly. On the upside, $20 is the near-term hurdle, but for a legit extended move we need to establish above $24.
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NEO is one of methods to make passive cash in my ebook :)
Heck yeah, gotta love the GAS coin you can earn just holding NEO :-)
Very interesting. I have been surprised to see Neo drop as low as it has. Seems like a solid future though.
NEO is one of the few that I have been continually interested in accumulating given the Asia focus. Adoption is more advanced over there and DApps have the potential to develop more as well. It also provides interesting income via the GAS received.
Yep, I hold about 75 coins which I wish I'd of sold above $150, eeeek. Long-term hold though.
Pretty sure that it is the bottom.
Excellent post, so the magic level is $24, if that's taken out, it appears price will move higher. I don't hear much about Neo anymore...maybe because price is so depressed, wondering if it's still a under the radar, sleeper blockchain or not.
Yeah, wondering this myself. I was pretty up on it a year ago, which is why is it's one of my largest holdings. But definitely rested on my laurels as I easily should have sold some for profits and bought back lower.