Neo has really been standing out as a great performer the last two months, very solid growth with minimum drawback. (Compared to many other alts)
Lets take a step back and look at the long term picture for NEO.
We can see that NEO is breaking out of its channel to the topside and if the bulls keep pushing we could see $200 sooner than later.
Coins that have a limited supply and pays dividends to its holders, like the GAS received from holding NEO, gives them greater stability. I have been waiting to see what happens when when the fomo hits the Neo markets and it might be time.
On the technical side we can see that the momentum is clearly bullish, but the sentiment is also overbought. I am not paying much attention to overbought/oversold at this point as we saw with BTC, when demand is big enough and supply is limited this is not a reliable indicator.
I will wait to see if prices consolidate above $120 today before getting too excited, but the Neo train does not look like it is stopping.
On the short side I see support between $80 -$100 for the immediate future.
For the high risk traders that want to get in on the action, I would be looking to jump in from $110 – $120 with a tight stoploss below $100.
For the safer setup, let us see where the day candle closes today before deciding on the direction, a close above $120 would be good, a close below $120 will most likely result in a bit of sideways movement and possible a retest of the bottom channel.