NEO — Coiling up for a breakout 🚨

→ Chart Analysis

NEO trades in a symmetrical triangle consolidation pattern. This type of triangle usually signifies a period of consolidation where neither bulls nor bears are in full control, leading to a potential breakout in either direction once a catalyst occurs.

Since the price is narrowing, it indicates that NEO is coiling up for a breakout.

Therefore, it is essential to watch the trendlines closely. However, these types of patterns risk performing false breakouts prior to the final one. Accordingly, it is important to look for confirmation on a higher timeframe before entering a trade.

→ Technical Indicators
MACD: Bullish 🟢
RSI: Neutral 🟢
VMA: Bullish 🟢
Triple EMA: Price trades above all EMAs 🟢
ADX: 14, indicating no trend 🔴

→ About + Tokenomics

CoinMarketCap Rank: 93
Market Cap: 750M
Volume 24h: 36M
Total Supply:100M
Circulating Supply: 70M
Chain: Neo

→ Trade Setup

A trade setup depends on the direction of the breakout.

Breakout to the top:
Entry: Price moves above the upper trendline and confirms on the daily chart.
Target 1: $15.50
Target 2: $19.5
Stop Loss: Slightly below the upper trendline

Breakout to the bottom:
Entry: Price moves below the lower trendline and confirms on the daily chart.
Target 1: $7.55
Stop Loss: Slightly above the lower trendline

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