Analyst: Neo is a sleeping giant
Although the crypto markets have experienced some turmoil this morning, it's important to note that altcoins have been in a strong upward trend in the past few days and weeks.
In the near future, it is very likely that altcoins will continue to experience great momentum as Bitcoin moves into an apparently consolidated range within the lower 10. 00 0 dollar region enters. The next altcoin that could experience massive momentum is NEO – a popular Ethereum competitor – which analysts believe could be preparing for a significant upward move.
The crypto market is facing turbulence, but old season remains intact
The aggregate crypto market experienced some bear-like turmoil as Bitcoin under 10. 00 $ 0 collapsed, prompting most major old coins to give up some of their recent winnings as well.
It is important to mention that this declining price action was still not enough to weaken the bullish structure of the market as most major cryptocurrencies are still trading significantly higher than a few weeks ago.
In the near future, altcoins are very likely to see a further upward trend as Ethereum, Tezos and Chainlink's earnings mark the beginning of what appears to be the next “old season”. NEO could be the next major cryptocurrency to rally, as TraderXO – a popular crypto analyst on Twitter – recently explained in a tweet:
“NEO – Is it a sleeping giant? I am certainly looking forward to picking up on some of them when the opportunity arises. We will follow this closely if there are substantial announcements in the year 2020, ”he explained.
$ NEO – Is it a sleeping giant?
Certainly looking forward to picking some up on significant enough pullback if the opportunity arises.
Will be following this closely for any substantial announcements in 2020. pic.twitter.com/4B4z8XZPRz
– TraderXO (@ TraderX0X0) February 15, 2020
NEO's technical situation is growing rapidly
This next massive upward move from NEO could be driven by incredibly strong technical formations. Josh McGruff, another respected analyst and trader, spoke about the technical strength in a recent tweet, saying it is “ready to run”.
“NEO breaks this resistance, and it runs smoothly %). 4HR shows a lot of positive volume. 1D just had a 200 / 50 Golden cross on the EMA. It is executable, ”he said, referring to the diagrams below.
$ NEO breaks this resistance and it easily runs 50%
4HR shows a lot of positive volume.
1D just had a 200 / 50 Golden Cross on the EMA
It's ready to run. pic.twitter.com/vHDKM437Ns
– Josh McGruff (@JoshMcGruff) February 14, 2020
If Bitcoin's ongoing withdrawal does not turn into a full-fledged surrender struggle, it is very likely that there will be an extended sideways trade that will allow smaller altcoins like NEO to make a remarkable upswing.
Proof of text: newsbtc