https://app.icex.ch/en/feed/technical-analysis/2915-neo-consolidation-on-a-falling-trendNEO after a quick rebound to $ 80, fell again and got pinned to the upper boundary of the medium-term support area of about $ 50.
Short-term balance of sellers and buyers is found: for a few days the quotes were within a narrow range.
Meanwhile, MAcross on the weekly chart rushed towards the signal for sale.
According to all the indications, this mid-term trend is a falling one. Now there is a consolidation near local minimums. And further decline is more likely.
Nevertheless, the upside turn potential is already quite big and it can begin to be realized at any time.
A good place to open short positions is seen in the area around $ 80. The targets at new minimums are under $ 50.
If the quotes are fixed below $ 50, then the risk of a big fall is quite high: the rate might fall to about $ 15 and lower.
Given that a year ago, NEO was worth less than $ 0.20, $ 15 - is a very good price for sale.
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Don't expect something big with NEO because the whole crypto market is struggling. We all know that almost altcoins is somewhat correlated to the price of bitcoin. So it bitcoin is mooning, we can see other altcoins hitting all-time-highs. Unfortunately, we are in the bearish trend so we might keep the price picking up a little then making reversals or sideway trends.
Just look everything at the bright side, every downfall should be consider as a golden opportunity to pick up more coins because they are cheap. If NEO falls to $15, would you think that it will not bounce back? Of course it will recover and we might see it trying to test new all-time-high again. Let's long everything long term to really maximize our profits.