The previous trading week in the NEO market did not inspire hope for investors to start a new growth wave. If the Bitcoin weekly candle somehow fought for the right of a positive scenario in the market and closed above the opening price. Then in the case of NEO everything was different. After losing control of the $55 mark, buyers became too cautious and uninitiated.
In September, the NEO price has already fallen by 36% and has the prospect of continuing this trend. Looking at the weekly timeframe, it is impossible not to notice the global growth trend and the proximity of the price to its lower trend line. At the moment, the critical point for buyers is at $35. Losing control of this mark, the 2-year growth trend will be broken, and the price will move quickly to $22.
Therefore, it is worth following the struggle of market participants in the range of $35. In the case of increased volumes and a significant slowdown in the downward trend, we can expect the beginning of a new global growth wave with the first major target at $100. Full confirmation of this scenario will be after buyers take control of the $55 mark. In this case, after breaking and retesting this mark, you can confidently select an investment in NEO cryptocurrency.
Technical Analysis of NEO on the Daily Timeframe
In the daily timeframe, we see that after a fall wave in May, buyers have long had problems in the range of $35-$37. To break this liquidity zone on 30 July, buyers needed a large number of volumes. It was after taking control of this range that an active growth wave began in the NEO market. Therefore, we believe that this range is very important for the NEO market and at least a local rebound from this range should be.
Moreover, the fall wave since the beginning of September is now occurring at reduced volumes, which may indicate the beginning of the weakening of sellers.
The NEOBTC Price Has Not Completed Its Fall Wave Yet
The NEOBTC chart signals the prospect of a local fall in the NEO market. As we can see in the weekly timeframe, the price goes to the liquidity range of 0.000850-0.0009, from which the NEOBTC price rebounded by 50% in July. Given the trading volumes and the nature of the fall, it seems that sellers do not intend to break this range and continue to push the price down. Thus, this week may be the last week of testing of cryptocurrency market investors. In this case, investors will receive compensation in October.