NEO — Curling Up for Breakout 🚨
→ Chart Analysis
NEO is trading in a consolidating symmetrical triangle pattern. This type of triangle usually represents a consolidation phase where neither bulls nor bears are in complete control, leading to a potential breakout in either direction when a catalyst appears.
Since the price is narrowing, this suggests that NEO is curling up for a breakout.
It is therefore important to keep a close eye on the trendlines. However, these types of patterns run the risk of false breakouts before the eventual breakout. Accordingly, it is important to look for confirmation on higher timeframes before entering a trade.
→ Technical Indicators
MACD: Bullish 🟢
RSI: Neutral 🟢
VMA: Bullish 🟢
Triple EMA: Price is trading above all EMAs 🟢
ADX: 14, indicating no trend 🔴
→ Introduction + Tokenomics
CoinMarketCap Rank: 93
Market Cap: 750M
24h Volume: 36M
Total Supply: 100M
Circulating Supply: 70M
Chain: Neo
→ Trade Setup
Trade setup depends on breakout direction.
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 Trend Line
Breakout to the Bottom:
Entry: Price moves below the lower trend line and confirms on the daily chart.
Target 1: $7.55
Stop Loss: Slightly Above the Lower Trend Line
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