In this analysis, I will be shedding light on Neo, an altcoin that used to be one of the top in terms of market cap during the 2017 bull run.
NEO currently sits at #31 on the market cap list, with $1.18b in market cap.

– It’s important to note how the volume continues to increase dramatically over time
– Prices have barely moved within the accumulation zone, yet the trading volume has reached an all time high on Binance
– It has a setup very similar to that of other major alts such as Ethereum and Litecoin, which have shown/is showing parabolic moves
– Prices are trading above the 20 Simple Moving Average ( SMA ) and 60 SMA .
– We are seeing a bullish descending wedge formation on the weekly
– Should we see a breakout leading prices to test previous all time high levels, the upside is an astonishing 900%.
– The fibonacci retracement demonstrates potential resistance zones

I believe that there is high upside potential for NEO. Especially with NEO 3.0 launching this month, we could expect a news driven breakout for this altcoin.