NEO spiked 22% today – an incredible move for a coin with a market cap of $2.3 billion.
The volume is fantastic as well going from $40,000,000 yesterday to $103,000,000 at present.
Simply put, this is incredible movement in one day. But the question is, why now?
First, it’s important to understand that there are many factors influencing a cryptocurrency beyond the technical chart.
This level is about all the little things that happen around a coin that helps drive some of the bigger movements.
After looking at the chart and reading the news,
I believe this movement is related to either an orchestrated pump and dump group or by insiders that know some major news that hasn’t been announced yet.
Go to online forums, telegram chats, slack groups, 4chan, etc and look for signs of a coin moving in one direction or another.
When looking at the NEO chart I noticed the MACD for the 1-day is staying above the 9-day EMA signal for a bullish run. It looks like we have just broken out of a massive wedge.
I believe we will bounce down to around $21 before shooting back up to $36 and beyond.
Overall, I believe NEO is a great long-term hold.
I think for the short term you missed the spike and will need to wait for it to retest and dip to previous highs before buying.
