Many large-cap cryptos such as Litecoin and Ethereum have soared in the last few weeks. While these cryptocurrencies have been enjoying substantial gains, others, including NEO, have not fared as well. It appears that we are not the only ones noticing how the coin dubbed the “Chinese Ethereum” has fallen behind its peers.
The June 13 tweet also comes with a chart that clearly illustrates the logic behind the call. According to Trading Room, NEO is moving in an ascending channel on the weekly timeframe. The image also notes that NEO is a buy on dips candidate as long as it respects the uptrend line or diagonal support of the channel. On top of that, the chart image mentions that the cryptocurrency must take out the diagonal resistance to get the fireworks going.
Should NEO take out the diagonal resistance of the channel, Trading Room outlined three target prices. Those are $27.355, $32.255, and $44.66. At the time the tweet was posted, the cryptocurrency was trading at $12.842. Since then, NEO has made incredibly bullish moves that support Trading Room’s thesis.