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

Did you like this post? Like and share!