What a difference a week can make in the cryptocurrency world. Last week, NEO crypto was the clear winner among the top 20 major cryptocurrencies as it saw over a 12% surge in one day. This week, it’s one of the biggest losers, dropping another 5% by today. The biggest loser in top 20 cryptos remains Ethereum Classic. What’s been going on, and where will NEO go from here?
NEO Crypto in the Past Week
Last week NEO crypto, aka the Ethereum of China, received an A- investment rating by Weiss Ratings agency, which triggered the rally towards $146. However, it looks like NEO hit a hard resistance, including the upper band of the daily Ichimoku cloud , and has been dropping like a rock since then.
NEO Crypto Confirms Below the Ichimoku Cloud
On Monday, it tested the lower band of the cloud, as well as the neckline of an apparent Double Top chart pattern. By Tuesday’s Asian trading session, it confirmed a break below the daily Ichimoku cloud. This is a BIG deal from an Ichimoku Kinko Hyo analysis standpoint.
A break below this level of approximately 109.74, could open doors for further bearish sentiment taking NEO back down to the next support level at $84.50.
On the other hand, since NEO has been dropping for 6 consecutive days, we could see a bit of a relief at the current support level, and a potential correction.
NEO Crypto Fundamentals
One thing that has been keeping crypto investors concerned about NEO, is it being called the Ethereum of China.
For NEO crypto investors, this means investing in a highly centralized blockchain that the Chinese Communist Party has oversight of.
On the other hand, NEO is regularly forming corporate partnerships. So there literally are two sides of the NEO crypto which you must consider before investing or selling your crypto assets.
From a longer-term point of view, NEO could still reach back the all-time high level above $190 from back in January.