NEO, often referred to as the "Chinese Ethereum," has been consolidating for quite some time. However, the recent price action suggests that a significant breakout may be imminent.
Technical Analysis
The weekly chart for NEO shows a clear support level around the $11.26 mark. This level has held strong, indicating strong buying interest at these price points. A break above this support level could signal a bullish trend and potentially lead to a significant price increase.
Potential Targets
If NEO manages to break above the support level, the first target could be around the $20.84 level. A further break above this level could open the door for a move towards the $35.00 level.
Why NEO?
* Strong Fundamentals: NEO has a strong development team and a growing ecosystem of dApps.
* Regulatory Clarity: As China continues to embrace blockchain technology, NEO could benefit from favorable regulatory policies.
* Technical Breakout: The potential breakout from the support level is a strong technical signal.
Remember, always do your own research and consult with a financial advisor before making any investment decisions.
