Direction
Long
Published
October 15, 2024
Status
Token
NEO
Trigger
Chart Pattern
Type
Trade Strategy
Updated
October 15, 2024
About + Tokenomics
CoinMarketCap Rank | 93 |
Market Cap | 750M |
Volume 24h | 36M |
Total Supply | 100M |
Circulating Supply | 70M |
Chain | Neo |
Chart Analysis
NEO trades in a symmetrical triangle consolidation pattern. This type of triangle usually signifies a period of consolidation where neither bulls nor bears are in full control, leading to a potential breakout in either direction once a catalyst occurs.
Since the price is narrowing, it indicates that NEO is coiling up for a breakout.
Therefore, it is essential to watch the trendlines closely. However, these type of pattern bear the risk of performing false breakout prior to the final one. Accordingly, it is important to way for confirmation on a higher timeframe before entering a trade.
Technical Indicators
- MACD: Bullish 🟢
- RSI: Neutral 🟢
- VMA: Bullish 🟢
- Triple EMA: Price trades above all EMAs 🟢
- ADX: 14, indicating no trend 🔴
Chart
Trade Setup
A trade setup depends on the direction of breakout.
Breakout to the top:
- Entry: Price moves above the upper trendline and confirms on the daily chart.
- Target 1: $15.50
- Target 2: $19.5
- Stop Loss: Slightly below the upper trendline
Breakout to the bottom:
- Entry: Price moves below the lower trendline and confirms on the daily chart.
- Target 1: $7.55
- Stop Loss: Slightly above the lower trendline