NEO (NEO), the Chinese Ethereum that became the centre of attention during the previous bullish cycle of the cryptocurrency market is all of a sudden completely forgotten after the recent correction. Their development team seems to be working in a low key style on the project and does not care about publicity. While it may be hard to tell what the NEO (NEO) development team is really up to, the above weekly chart for NEO/USD
shows us clearly what NEO (NEO) is up to. For the past seven weeks, NEO (NEO) has been consolidating after retesting a strong support at $13.78. This consolidation has brought NEO/USD close to its downtrend resistance which it is about to break. It is pertinent to not that unlike Litecoin (LTC) or other large cap coins, NEO (NEO) only tested its support only once and strongly bounced off it.
This shows that there is strong interest in NEO (NEO) among cryptocurrency investors and that the cryptocurrency might be poised for big gains during its upcoming bullish cycle. However, NEO (NEO) is no longer at the centre of media hype. In fact, it might be fair to say that a lot of people have forgotten about NEO (NEO) since the beginning of this correction. This is to be expected in a market where people care less about fundamentals and more about hype. One day NEO (NEO) is the hottest thing in the cryptocurrency space, the next day some other coin with a flashy website and some cool infographics grabs people’s attention. Very few people in this market care about fundamentals. When they actually understand it, it is too late to get in on the action. I have been around for long to see the same happen to Ethereum (ETH). In fact, I bought my first Ethereum (ETH) at $14. Back then, not many people cared about Ethereum (ETH) but those who understood the fundamentals loaded up heavily. Sure enough, they were rewarded by the end of the year.
NEO (NEO) has not only made progress on the NEO/USD front but also on the NEO/BTC front. As the above weekly chart for NEO/BTC
shows, NEO (NEO) has entered a similar consolidation against Bitcoin (BTC). Interestingly, NEO/BTC has also consolidated for the exact same period of seven weeks. During that time, NEO/BTC also managed to break the downtrend resistance.
Wave trend analysis for NEO/BTC shows a very strong probability of the price beginning a new cycle at this point. There is a lot of room for growth and if NEO (NEO) were to begin a new cycle at this stage, it might be able to keep surging against Bitcoin (BTC) till early 2019. RSI for the above chart also shows that the price has bottomed out and is now ready for a trend reversal. The team behind NEO (NEO) is one of the few teams that have been constantly working on the project regardless of its market valuation. NEO (NEO) has seen a lot of interest in the past and there is no reason to presume that it may not see similar gains again.