Neutral on NEO, until...
hi @shayyaaneshan, here's the NEO analysis that you requested.
Until NEOUSD breaks above downtrend resistance and cloud, we're Neutral.
- NEOUSD has been stuck in a range for 2 years. From $5 to $25. Good news is that current price is testing the downwards trendline and also pushing against the weekly ichimoku cloud (using crypto settings). A rise from current price of about $13 to a closing weekly price of about $15 (or higher) suggests a test of the trading range ($25) and possible continuation all the way up the cloud to $100, a 600% gain.
- The rise from $15 to $25 seems totally reasonable based on the technicals. We'd have to re-evaluate the chart once it reaches there to assess the breakout to that higher target of $100.
- MACD and RSI both point up.
- But until price closes inside the cloud above the downtrend resistance, it could just as easily get pushed down again from current price by bouncing off the bottom of the cloud and getting rejected once again by that downtrend.
Until NEOUSD breaks above downtrend resistance and cloud, we're Neutral.
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