For NEO, I've noticed a pattern formed based off of the previous . The bounces off of that were proportionally quite big. Now they look minute, but at the time, they were quite exciting and if you were holding back then, those were major moves. I was lucky enough to get into ANS, at the time, quite cheap and have been steadily accumulating along the way. This new is not as strong, in my opinion, when it comes to acting as a launch pad for price action. NEO does seems overheated to me at this point. Again, no indicators, just a feeling. We could continue to see increases and new ATH in the short term, but I do believe we will eventually correct back down to that main trend support. When that happens, I'll be waiting to buy as much as possible as I expect the bounce, off of that support, to be huge.
Quick update. I don't know how to add a picture to this, so I'll just describe as best as possible and you can turn on the necessary indicators. First, you will notice a potential new trend, which I missed forming. If you take a trend line from the wick aug 11th at 19:00 and draw it to the most recent wick on aug 17th at 07:00, you will find a nice new trend forming which is providing support. I am in UTC + 7.
I've used a couple of indicators to try and confirm and right now they are inconclusive. 50 period EMA is acting as resistance now. RSI bottoms for today and August 15 are diverging from price action, which suggests a trend reversal. If we see price close above 50 period EMA, that would further suggest a trend reversal and we could be on our next move up rather than down...
NEO is strong even in a downtrend. People are holding to earn their GAS so supply is more limited than your usual hot coin that gets traded. This could cause retracements to be shallower than expected.
How much of a reversal looks to be based off of breaking the current downtrend.