NEO’s -97% 2018 descending channel. The technicals suggest that it is set to bounce at this level of support. There is also RSI divergence on the 1 Day timeframe.
However, a fall in BTC could drive the price lower. Bitcoin looks set to test the $3,000 support level. Which is currently around a -16% decrease in value. The correlation between Altcoins and Bitcoins are strong and this could be a catalyst to break below this channel.
The Virtualstamp trading team are currently waiting for a confirmation of the trend before entering any NEO trades. If the price holds these levels it is possible to see a run to $12 price region, previously serving as support.
However, a fall in BTC could drive the price lower. Bitcoin looks set to test the $3,000 support level. Which is currently around a -16% decrease in value. The correlation between Altcoins and Bitcoins are strong and this could be a catalyst to break below this channel.
The Virtualstamp trading team are currently waiting for a confirmation of the trend before entering any NEO trades. If the price holds these levels it is possible to see a run to $12 price region, previously serving as support.