NEO Still Weaker But Showing Good Signs

NEO has been weaker than most of the other cryptos and it’s now forming a bear flag on the daily chart, currently trading at $12. The weekly chart is still far weaker than the rest of the market even though we are in a weekly uptrend.

With this recent pullback, NEO broke the 12 day EMA on the weekly chart and tested the 26 day EMA, something that didn’t happen with Bitcoin. In fact Bitcoin is still not even close to the 12 day EMA. One thing to note is that the 12 and 26 EMA’s are getting closer to a bullish cross and it might happen in the following weeks if the uptrend continues. Another significant indicator is volume, bull volume has been way higher than bearish volume and signifies bull strength.

The monthly chart looks really tight for NEO and a violent break could happen at any time. NEO 3.0 is also on the way and seems to be ahead of schedule, NEO’s GitHub page lists the upgrade as 62% complete. The next few days are going to be crucial for NEO, if the bear flag is destroyed and we see bullish continuation, NEO could become one of the top gainers.

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