NEO, a smart contract platform that has often been referred to as the “Chinese Ethereum” saw a roughly 22 percent increase on October 25. This likely came as a result of the endorsement of blockchain by the Chinese government.
Users were asked about Chinese public chains in a poll that asked users about the current price and who they believe should be ranked in the top spot. In it, NEO was ranked second.
The NEO price is in the midst of a breakout from an ascending triangle and looks to be headed towards the resistance area at ₿0.017.
Popular crypto analyst @crypto_rand stated that the NEO price might be getting ready for another upward move, as the aforementioned news has begun a new upward trend.
The outlined movement is a price continuation in the form of an ascending triangle after an upward move. Let’s look at this movement from closer and see where the price is headed.$NEO keeps pushing for more.
— Crypto Rand (@crypto_rand) November 11, 2019
China's news fueling a new wave. pic.twitter.com/XnMWQr8uIV
Triangle Breakout
Since the tweet was made, the NEO price broke out from the triangle. It is currently trading inside the resistance area at ₿0.0013 and has created a daily bullish engulfing candle. Additionally, it has moved above the 200-day moving average (MA), a strong bullish sign.
Future Movement
Looking at the weekly chart, we can see that the current upward move was preceded by very significant bullish divergence in the RSI & the MACD. Additionally, the latter has made a bullish cross. This makes us believe that NEO will continue its upward move and eventually reach the resistance area at ₿0.017.
Disclaimer: This article is not trading advice and should not be construed as such. Always consult a trained financial professional before investing in cryptocurrencies, as the market is particularly volatile.
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In line with the Trust Project guidelines, this price analysis article is for informational purposes only and should not be considered financial or investment advice. BeInCrypto is committed to accurate, unbiased reporting, but market conditions are subject to change without notice. Always conduct your own research and consult with a professional before making any financial decisions. Please note that our Terms and Conditions, Privacy Policy, and Disclaimers have been updated.
Valdrin Tahiri
Valdrin discovered cryptocurrencies while he was getting his MSc in Financial Markets from the Barcelona School of Economics. Shortly after graduating, he began writing for several different cryptocurrency related websites as a freelancer before eventually taking on the role of BeInCrypto's Senior Analyst.
(I do not have a discord and will not contact you first there. Beware of scammers)
Valdrin discovered cryptocurrencies while he was getting his MSc in Financial Markets from the Barcelona School of Economics. Shortly after graduating, he began writing for several different cryptocurrency related websites as a freelancer before eventually taking on the role of BeInCrypto's Senior Analyst.
(I do not have a discord and will not contact you first there. Beware of scammers)
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