Major NEO Breakout Turns It Into Pure Gold
The Chinese coin, NEO (originally antshares), is making a major breakout despite the negativity in the Chinese cryptocurrency world. The breakout that occurred could be turning NEO into a golden investment. The NEO breakout is a big deal because this could be the switch that NEO needs to get back near its all-time high. NEO was on a bullish run for months until the Chinese government started imposing regulations on the cryptocurrency community. The cryptocurrency community is easily influenced by the news and coins can fall dramatically in price when a rumor is released. NEO fell nearly 40% during this bear market.
Yesterday, NEO made a major 32% run. The bounce that occurred is a major improvement for NEO and it is going to make a lot of investors money. Binance¬†recently¬†allowed investors to trade on margin on their platform with NEO. Investors made incredible gains over the past few days because of this new option.
The jump that occurred took NEO from a bearish trend into a bullish trend. Simple trend lines and technical analysis will show that NEO has broken through the bearish trend and the immediate resistance. Breaking both of these lines is a great indicator that a switch in trends is occurring.
The blue represents the immediate resistance and the green line represents the bearish trend. When reading this chart, a new trend forms when the coin price breaks both of those lines. Since that has occurred, I have confidence that the NEO breakout is causing the price to move back towards its all-time high.
The one thing that can affect the price of NEO is news. The news is a major reason that the price dropped from $58 to $13. Only time will tell what will happen. Will the Chinese make NEO crash with more news or is it going to the moon? I think it is just a matter of time before it breaks its all-time high.