NEO, also known as the “Ethereum of China,” is one of the most prominent platforms that enable the development of smart contracts and decentralized applications.
Technical Analysis:
General Trend: The NEO vs USDT chart shows a continued upward trend, with higher highs and lows on the weekly chart.
Moving Averages: The moving averages indicate a strong buy recommendation, supporting the current bullish momentum.
Support and Resistance Levels:
Support: The 200-week moving average, near the $16 level, is a strong support.
Resistance: The previous level at around $25 is an important resistance; breaking this level could open the way for further gains.
Recommendations:
Buy and Hold Strategy: Given the strong uptrend, a buy and hold strategy could be suitable for long-term investors.
Buy on Dips: Investors can consider buying on dips or during correction periods within an uptrend.
Risk Management: It is advisable to place stop loss orders below recent lows or below the 200-week moving average to protect capital.
Note: It is always advisable to follow the news and developments related to the NEO project, as well as monitor the general market movements, before making any investment decisions.