In our previous price prediction article dedicated to NEO, we entertained the possibility of finalization of the cup and handle bullish formation that must result in a substantial price spike. As a result, the price action had played out this scenario to the letter by performing a massive move to the upside right after the handle had been formed - a 70% gain in a couple of weeks, to be precise.
1-day NEO/USDT chart
Right now, however, we are having a diametrically different situation as the market is tanking insanely due to various reasons, among which many indicate the increasing correlation with traditional markets - S&P 500, for instance, - which are also going through a downfall, the biggest one since the financial crisis of 2008. The global scare of the coronavirus outbreak has also contributed to the situation that we are witnessing on the charts, with this factor being especially relevant to the Chinese blockchain projects like NEO.