This week NEO tested the low at $47 after which price went up, breaking above the downtrend trendline followed by the break above the 50 Moving Average. Such price action could be the first signs of the upcoming uptrend, providing a good risk/rewards buying opportunity.
The upside target is seen at 50% Fibs applied though the all-time high, that is $121 area. It is also confirmed by 161.8% Fibs, applied to the recent corrective wave down. This makes the area between $121 and $123 a strong resistance and a potential upside target.
The only way price could continue to decline, is when/if NEO/USD will break below $44 support area, which currently seems as unlikely scenario.
The upside target is seen at 50% Fibs applied though the all-time high, that is $121 area. It is also confirmed by 161.8% Fibs, applied to the recent corrective wave down. This makes the area between $121 and $123 a strong resistance and a potential upside target.
The only way price could continue to decline, is when/if NEO/USD will break below $44 support area, which currently seems as unlikely scenario.