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Where Next for the Price of NEO?: Price Analysis March 3

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Where Next for the Price of NEO?: Price Analysis March 3

NEO-USD, 1 Week, Bitfinex

It’s rare that the author breaks out the 1-week chart, but it seems to be acutely necessary for NEO.

If you observed the earlier postings from the CryptoMedication brand on February 25, 2018, you might have noticed that the trend break was identified earlier.

NEO-USD, 4-hour, Bitfinex

This was the chart from before that was posted that day. As you can see, the downtrend of NEO-USD is confirmed by the three points on the chart that have made contact with the line.

Here’s a live look at the price (at the time of writing).

NEO-USD, 1-day, Bitfinex

Currently, the downtrend is still active on the 1-day chart.

The support at the $124-128 mark has held relatively strong as of late. That’s represented by the red line.

The first resistance would be the downtrend line (which has been firmly established by the amount of contact that the price has made with it). The $134-137 zone. The next resistance point would be the $151 mark.

NEO-USD, 1-day, Bitfinex

You can see on the NEO-USD one-day chart; the EMA50 is hovering just below the price at its current mark. This serves as a nice price mark at a $120 support.

NEO-USD, 1-day, Bitfinex

It looks like the conversion line (blue) is about to pass above the price now, which would be a bearish signal.

Williams %R for the daily chart for NEO-USD has just about made a sell signal. (Going from the overbought condition to traveling past -50. It’s still traveling downward at this present moment in time as well).

The accumulation has spiked upward dramatically since November 24, 2017. There’s no sign that there’s any dumping taking place at this present moment.

The Balance of Power (smoothed over with the HMA) shows greatly decreased buying pressure.

Volatility has reduced greatly (ATR above). So, we shouldn’t be expecting any rapid price movements in the near future.

Conclusion

We firmly expect that the price of NEO will continue to decline below this Fibonacci level and test the well established prior support of $110-114. Wait until the indicators change before running into this trade.

Fundamental Analysis  

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Source: goo.gl/8xBfjh

As you can see from above – there’s a truckload of events, competitions and other things going on for NEO – so, it looks like the dev team is pretty active right now and looking to really keep this coin moving, which is always a good thing.

The author may be mistaken but aren’t these competitions linked to the alleged joint ideal that they’re hosting with Microsoft?

Source: https://cointelegraph.com/news/neo-devcon-sees-microsoft-judge-networks-potential-uses

If so, the author would imagine that this would go over pretty well for NEO as well.

Here’s some more critical information about NEO:

Source: https://hackernoon.com/neo-versus-ethereum-why-neo-might-be-2018s-strongest-cryptocurrency-79956138bea3

Here’s the roadmap for On-chain.

So, obviously, considering how draconian and strict that the Chinese government has been in relation to virtually anything that has anything to do with cryptocurrency, this would be a pretty huge accomplishment for them.

 

Disclaimer: The author owns no NEO at the time of writing. Please always do your own research before investing in any cryptocurrency, and understand the risks as well as the potential rewards.

 
 
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