NEO cryptocurrency exhibits a strong upward trend, supported by a rounding bottom formation on the 4-day chart. Analyst VipRoseTr comments on the potential for further growth.
Rounding Bottom: Long-Term Reversal Signal
The rounding bottom pattern that emerged on the 4-day chart indicates the transition from a bear market to a bull market. This pattern is often followed by an upward reversal and the beginning of an extended bullish trend.
Resistance Levels and NEO's Price Targets
The $22.02 level has been defined as the next critical level to consider. A breach beyond this level will validate the bullish trend and may lead to higher prices. The analyst highlights two major price targets: $29.07 and $35.83. A push past the $35.83 mark would indicate a significant bull breakout.
Rising Wedge on the 4-Hour Chart
The 4-hour chart shows a potential bearish pattern in the form of a rising wedge. It is defined by converging trend lines with higher highs and lows, suggesting the bullish trend is losing momentum. A downward breakout from the wedge could lead to lower price levels, but the overall long-term bullish structure remains intact.
NEO shows a strong upward trend, but the breakout above $22.02 will be crucial for further growth. There is potential for a rise to $35.83, along with the possibility of short-term corrections if a bearish breakout occurs.
