Bitcoin
BTC$43 081.91

1.35%

Ethereum
ETH$2 973.82

2.01%

Cardano
ADA$2.27

-2.69%

Tether
USDT$1.000723

-0.06%

Binance Coin
BNB$342.55

-2.18%

XRP
XRP$0.942011

0.16%

Neo: The Bullish Flag Awaits Resolution


#NEO

While many retail traders had been focused on crazy gains showcased by various DeFi tokens, Neo (NEO) has been doing very well, having gained 160% in the past year against USD, 52.4% in the Bitcoin (BTC) market, and even outgunned the surging Ethereum (ETH) by 3.5%.

YTD NEO chart

This was largely inspired by the newly emerged expectations around Neo3, the third version of Neo Foundation’s proprietary blockchain that’s supposed to introduce file storage as well as the digital/decentralized identity to the network. This year, the Chinese blockchain project has also incorporated the cross-chain interoperability solution in collaboration with Ontology, and also participated in the creation of Flamingo Finance together with Binance, consequently dipping its toes in the DeFi waters, which is obviously one of the reasons behind its positive performance in the marketplace.   

As of this writing, NEO is priced at $18,39, having gained 2% in the past 24 hours and 8.16% over the last week, though it has dropped by 12.8% against USD and as many as 30.1% in comparison to BTC in the past month, but that should be blamed on the retracement that followed the bull rally, and Bitcoin’s resurgence on the back of the news about PayPal inclusion.

The continuation pattern starts to play out


The weekly chart demonstrates that NEO is currently finalizing the first major retracement of the minor uptrend that stems from this year’s low at $3.79 that had been hit during the market collapse in March.

1-week NEO/USDT chart

Neo had briefly peaked at $26, upon which the retracement kicked in and took the price all the way to $16 in a series of two large dumps that went throughout the entire cryptocurrency market. Nevertheless, the buyers have defended the support at $16 really efficiently - this level had also been tested multiple times during the initial breakout, which further proves its fortitude.

At the close of this week, NEO is traded above the open of the first candle that began the consolidation, thus increasing the likelihood of forming the bullish engulfing pattern that usually opens up the rally, which, in its turn, should resolve the bullish flag formation to the upside and continue the uptrend, unless the sellers apply an insurmountable pressure at $24, thus forcing the price action into the double top reversal pattern.

There is also a possibility of NEO going into consolidation between $16 and $20, but that would be determined by the behavior of MACD that has its moving averages now closing either for a bearish crossover or the rejection. But given the reigning bullish sentiment throughout the market, the indicator is likely to go for the rejection and the resumption of movement to high extremities.  The Accumulation/Distribution indicator is now approaching the apex of the symmetrical triangle, the resolution of which to the upside will confirm NEO’s bullish intentions.

Our NEO price prediction is that the 20th altcoin will gain at least 32% in the next 30 days as a part of the resolution of the bull flag, and then take out the resistance at $24. The good entry point for a long play would be at $19.1 - supposed close of engulfing candle, or more conservative at $21.5 - the breaking point of previous resistance.

Author: Alex Paulson for Crypto-Rating.com

Related

Neo Explodes to the Upside After Successful Break
Neo Explodes to the Upside After Successful Break
Neo Bullish On All Fronts
Neo Bullish On All Fronts
NEO Is a Step Away From the Explosive Zone
NEO Is a Step Away From the Explosive Zone
NEO Has Its Target Set on 50 EMA
NEO Has Its Target Set on 50 EMA
NEO: Cup & Handle Turned Bearish Spike Pattern
NEO: Cup & Handle Turned Bearish Spike Pattern
NEO: The misleading rally
NEO: The misleading rally
NEO Price Forecast
NEO Price Forecast
NEO moves to new blockchain
NEO moves to new blockchain

Top Cryptocurrencies with Price Predictions

# Crypto Prediction Accuracy CVIX Price 24h 7d Market Cap Volume 24h
1 Bitcoin (BTC) BTC Bitcoin predictions 82.8% 35 $43 081.91 1.35% -8.98% $811 087 159 268 $32 566 242 601
2 Ethereum (ETH) ETH Ethereum predictions 72.8% 49 $2 973.82 2.01% -10.60% $349 960 860 996 $21 587 502 761
3 Cardano (ADA) ADA Cardano predictions 62% 80 $2.27 -2.69% -2.67% $72 581 341 919 $5 657 027 599
4 Tether (USDT) USDT Tether predictions 90.8% 1 $1.000723 -0.06% 0.06% $68 592 541 921 $78 405 017 855
5 Binance Coin (BNB) BNB Binance Coin predictions 67.6% 69 $342.55 -2.18% -15.33% $57 594 887 329 $1 834 859 342
6 XRP (XRP) XRP XRP predictions 74.8% 52 $0.942011 0.16% -11.07% $44 008 512 090 $3 471 846 458
7 Solana (SOL) SOL Solana predictions 67.2% 73 $134.99 -3.62% -13.48% $40 130 984 296 $2 394 353 078
8 USD Coin (USDC) USDC USD Coin predictions 92.8% 1 $1.000373 -0.04% 0.04% $30 961 410 947 $3 802 192 647
9 Polkadot (DOT) DOT Polkadot predictions 67.2% 69 $29.14 -4.71% -12.32% $28 777 972 657 $2 530 767 375
10 Dogecoin (DOGE) DOGE Dogecoin predictions 65.2% 77 $0.204356 -1.83% -12.96% $26 862 009 468 $1 490 518 775
11 Avalanche (AVAX) AVAX Avalanche predictions 61.6% 87 $67.41 -4.29% -4.38% $14 849 661 345 $1 216 715 313
12 Terra (LUNA) LUNA Terra predictions 68% 59 $36.08 -4.62% 4.12% $14 432 557 786 $1 639 919 020
13 UniSwap (UNI) UNI UniSwap predictions 66% 74 $22.79 17.61% -3.84% $13 937 536 203 $1 041 192 676
14 Binance USD (BUSD) BUSD Binance USD predictions 92.8% 1 $1.000271 -0.06% 0.03% $13 693 035 619 $5 465 909 777
15 Chainlink (LINK) LINK Chainlink predictions 65.6% 70 $24.73 9.02% -10.79% $11 252 316 912 $1 925 712 695

Be the first to receive Cryptocurrency Price Predictions and Forecasts daily

Get cryptocurrency price predictions, forecasts with analysis and news right to your inbox.

© 2015-2021 Crypto-Rating.com

The usage of this website constitutes acceptance of the following legal information. Any contracts of financial instruments offered to conclude bear high risks and may result in the full loss of the deposited funds. Prior to making transactions one should get acquainted with the risks to which they relate. All the information featured on the website, including information about the cryptocurrencies and bitcoin is intended solely for informational purposes, is not a means of advertising them, and doesn't imply direct instructions for investing. Crypto Rating shall not be liable for any loss, including unlimited loss of funds, which may arise directly or indirectly from the usage of this information. The editorial staff of the website does not bear any responsibility whatsoever for the content of the comments or reviews made by the site users about cryptocurrencies. The entire responsibility for the contents rests with the authors. Reprint of the materials is available only with the permission of the editorial staff.