Crypto currencies are changing the world we live in and one of the Countries that will surely be a leader in this space is China. Now this does not mean I am going out and buying every Chinese coin there is. NEO' is definitely one that I think holds the potential of taking market share in the near future and its chart is highly bullish.
Unlike many of the other blue chips NEO' has reversed in a bullish manner and has broken through the 0.618 recent corrective wave (C) and is testing the 0.618 level of the overall correction. A break of this level would be a signal for further bullish movement. I will not get into all the technical aspects of the differences between NEO' and ETH' here, but NEO' has some technical advantages over ETH' even though Ethereum' ,without a doubt, has a first market advantage. One thing to note in all this is that China's political structure provides a huge advantage to Chinese companies. Alibaba JD.com and Baidu are just a few examples of how the 2nd largest economy in the world can create a great working environment for its companies and create difficulty for others to gain market share. This is yet another reason I really like NEO here.
Longer term to see NEO' with a 50 or 100 Billion dollar market cap is not out of the question. That would still put it at a lower market cap than ETH' is currently at 110 Billion. So a longer term target of $550 is not inconceivable, and that is how I am positioning myself for the long term. That is over 400% from the current levels and the potential to go higher is never out of the realm in the crypto space.
I am adding a 1/2 positional trade here with a $250 target level and will add either on a pullback or a breakout of $160. The intent is to use this trade to add to my longer term position.
On the BTC/NEO chart we have definitely recovered from the recent BTC/NEO ratio. Like the gold and silver ratio we can look for strong movement with alt coins by comparing them to bitcoin. A breakout of the previous ATH' would be a good signal that NEO' outperforms BTC' in the short and medium term. This is critical to follow as if a coin can not outperform Bitcoin' I would rather own Bitcoin' moving forward. This is one reason I have been looking to readjust my portfolio and reduce my core position down further.
What does your readjusted portfolio look like please? What coins and in what percentage?
goldbug1
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@Serbanbitcoin, I will post
sfoakbay
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thoughts on Icon (ICX)?
bakguc
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I bought it as well
AesopsHare
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Neo is a great project - it is also free to withdraw from many exchanges and it gives you 'gas' if held.
Looking to take various crypto's off an exchange, some of the fees can be quite prohibitive!
Carrolln
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Very good analysis.I have been holding since 0.0043.with the same theme in mind that China looks after its own.thankyou for reassurance.This is scary market place at the moment.
AmazinRaisin
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I actually agree with you for once!
grahnite
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Great write-up! Very happy with my NEO investment's performance thus far. Will be keeping them long term and adding to it. I have also started investing in Metaverse ETP - also a project with some big possibilities in the Chinese market - in my opinion.
SammyNoden
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@grahnite, From what I've read, QTUM is the serious contender for the ETH of China, and until recently NEO was far more heavily traded in the Western markets than in China in the belief that it was the Chinese ETH. Korea is by far NEO's largest market now followed by Binance, which I guess is fairly international exchange. Can't argue with the NEO charts though. I also have recently started to accumulate ETP for the long term.
Carrolln
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Sorry forgot to say I like market cap 65000000 circulating and 100000000 total supply.compared to others this gives this a lot of potential.
I have invested in nebulas(nas) I know it’s early on in its life.any feedback would be good but if to early I can appreciate that.thankyou