The price of NEO has been trading in $7-$10 range for a while and according to technical analysis, the downtrend is still very strong. In my opinion, NEO has a very good risk/reward ratio in the market right now which means you stand to gain a lot more for taking a comparatively smaller risk. NEO has a short-term resistance area at $10 and it would take a break above this level to confirm a new leg higher towards the $20 level. For the investors/traders that are not averse to risky speculative investments, putting a reasonable amount of money into NEO could potentially turn out to be an excellent investment. Formerly known as Antshares, NEO is a platform in which users can issue and trade assets. It is very much like Ethereum and because of that, it is often called the Ethereum of China. NEO also supports decentralized commerce, identification, and digitalization of assets. The future price performance of NEO depends solely on the success of the NEO network and the adoption of its technology by developers, programmers, and start-ups. The positive thing is that NEO is one of the Chinese government’s favorite cryptocurrencies and this factor could provide a major boost for NEO.
This is a still very risky cryptocurrency but with the long-term prediction (5 – 7 years) of NEO being around $100 – $200, it sure does make sense to invest in NEO it the present time. On this chart, I marked resistance and support levels. Resistance levels are $10, $20 and $40, $7 and $5 represent the current support levels. It is very hard to predict where the price of NEO will go, but if the price jumps above $10 it would probably reach $15 in the short time period. If the price jumps above $40 we have an open way to $60. If the price drops below $5 support that would be a strong “SELL” signal.
Recommendation: If you’re looking to invest in NEO, you would be able to make some good returns in the upcoming years according to the NEO price predictions. I would recommend everybody to be careful and to invest a small sum of money in NEO, the best time period for me is between 3-5 years, hold and wait. According to technical analysis, as long the price is below the critical $40 level, the risk will remain towards the downside. If the price jumps above $20 that could be a very good opportunity for the short term traders, short-term traders can put the stop loss at $18 and take profit at $25 or above.