Crypto Analyst Identifies Major Pattern on NEO Price Chart

A cryptocurrency analyst with the Twitter name Ali has made public his price expectations for NEO, the cryptocurrency for the open-source, decentralized application blockchain that goes by the same name, Neo. Ali expressed his NEO price expectations using a Head and Shoulders pattern identified on the 4-hour chart of the cryptocurrency.

$NEO appears to be shaping an H&S patttern on 4hr chart! A break above $14 = bullish?, target $18.

Keep an eye on $12 support as losing this level could spoil the party for #NEO. pic.twitter.com/vHi3ONiz51

— Ali (@ali_charts) March 27, 2023

Based on the chart displayed and Ali’s analysis, the Head and Shoulders pattern has left strong support and resistance at the $12 and $14 price levels, respectively. He notes that a break above the $14 region could see the cryptocurrency under analysis rally up to the $18 mark. On the contrary, breaking below $12 could change the scenario and lead NEO to lower price levels.

At the time of Ali’s analysis, NEO’s price was $12.58, right in the middle of an established sideways trend that ranged between $11 and $13.

TradingView shows that NEO rose from $6.13 on January 1, 2023, to a yearly high of $15.70 on February 21, 2023. The rally coincided with the general surge of the cryptocurrency market and reflected a profit of 157.82%. A pullback saw the price of NEO fall to $9.13 before picking up again to reach $12.56 as of the time of writing.

Source: TradingView

Data from CoinmarketCap shows that NEO is the 57th-ranked cryptocurrency in the world. Its market capitalization at the time of writing was $891.9 million, with a daily trading volume of $93.7 million.

Neo developers consider the protocol as an ecosystem to become the foundation for the next generation of the internet. Neo aims to provide an environment where digitized payments, identities, and assets can merge efficiently.

Disclaimer: The views and opinions, as well as all the information shared in this price prediction, are published in good faith. Readers must do their research and due diligence. Any action taken by the reader is strictly at their own risk. Coin Edition and its affiliates will not be held liable for any direct or indirect damage or loss.

Source