Elliott Wave Analysis for NEO/USD: Comprehensive Daily and 4-Hour Chart Insights

In the dynamic world of cryptocurrency trading, Elliott Wave Analysis offers invaluable insights into market trends and potential price movements. Our detailed examination of the NEO/USD pair reveals a strong adherence to the Elliott Wave principles, presenting a promising outlook for traders.

NEO / U.S. dollar(NEOUSD) Daily Chart Analysis

NEOUSD Elliott Wave Technical Analysis

Function: Follow Trend

Mode: Motive

Structure: Impulse

Position: Wave (3)

Direction Next higher Degrees: Wave ((3)) of Impulse

Wave Cancel invalid Level: 9.85

Details: Wave (3) is Equal to 161.8% of Wave (1) at 24.52

NEO / U.S. dollar(NEOUSD)Trading Strategy:

NEO is still in an uptrend in the form of an Impulse Wave and the price has a chance to test the 19.45 level before correcting again. Therefore, the overall picture is still a continuous increase. Look for opportunities to open long positions.

Technical Indicator Highlights

  • The NEO/USD price trajectory remains firmly above the MA200, signifying a bullish market environment.
  • The Wave Oscillator's bullish momentum further supports the optimistic outlook for NEO/USD.

NEOUSD-1D-crypto-cha...


 

Elliott Wave Analysis on a Shorter Timeframe

The 4-hour chart echoes the daily analysis, reinforcing the bullish sentiment and providing traders with additional granularity for decision-making.

NEO / U.S. dollar(NEOUSD) 4-hour chart analysis

NEOUSD Elliott Wave Technical Analysis

Function: Follow Trend

Mode: Motive

Structure: Impulse

Position: Wave (3)

Direction Next higher Degrees: Wave ((3)) of Impulse

Wave Cancel invalid Level: 9.85

Details: Wave (3) is Equal to 161.8% of Wave (1) at 24.52

NEO / U.S. dollar(NEOUSD)Trading Strategy:

NEO is still in an uptrend in the form of an Impulse Wave and the price has a chance to test the 19.45 level before correcting again. Therefore, the overall picture is still a continuous increase. Look for opportunities to open long positions.

NEOUSD Technical Indicators and Market Sentiment

  • The price's position above the MA200 in the 4-hour chart consolidates the bullish market outlook.
  • The bullish momentum, as indicated by the Wave Oscillator, further validates the positive sentiment surrounding NEO/USD.

Conclusion: Navigating the NEO/USD Market with Elliott Wave Analysis

Our comprehensive Elliott Wave Analysis of NEO/USD across daily and 4-hour charts underscores a robust and sustained uptrend, marked by key Impulse movements and bullish technical indicators. Traders are encouraged to leverage this analysis for strategic positioning, with a focus on long positions to capitalize on the anticipated upward trajectory. As always, it's crucial to remain vigilant and consider the invalidation level as a critical parameter for risk management.

Technical Analyst: Kittiampon Somboonsod

Source: visit Tradinglounge.com and learn From the Experts Join TradingLounge Here 

See Previous: BNBUSD Elliott Wave Technical Analysis

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