#NEOUSDT Technical Analysis in Weekly Timeframe.

7 Jul

Hello everyone, I’m Cryptorphic.
For the past seven years, I’ve been sharing insightful charts and analysis.

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Now, let’s dive into this chart analysis:

NEO has been in a long-term bearish trend constrained by a descending resistance line, with a strong support zone identified between $5 and $8.6.

Historical price movements show significant volatility, with notable peaks in 2018 and 2021.

The recent price drop indicates a possible correction phase, but the analysis suggests a bullish outlook for the future, with a potential target of around $80 if the price can break past the $21 to $24 resistance levels.

The moving average serves as an additional indicator for trend analysis, supporting the potential for a future upward move.

Key Observations:

~ Support/Entry: $5 to $8.6.
~ Resistance/Initial Target: $21 to $24.
~ Long-term Target: $80.
~ Invalidation Point: A breakdown below the support line.

DYOR, NFA.

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