Although the crypto markets have faced some turbulence this morning, it is important to note that altcoins have been caught within firm uptrends over the past several days and weeks, with this momentum being emblematic of the prophesized “alteseason” that investors have been anticipating.
In the near-term, it is highly likely that altcoins continue incurring major momentum as Bitcoin enters what appears to be a consolidation range within the lower-$10,000 region.
The next altcoin that could see some massive momentum is NEO – a popular Ethereum competitor – which analysts believe could be gearing up for a significant upwards movement.
The Crypto Market Faces Turbulence, But Altseason Remains Intact
This aggregated crypto market incurred some bear-favoring turbulence this morning when Bitcoin broke below $10,000, which instantly led most major altcoins to also shed some of their recent gains.
It is important to note that this bearish price action has not been enough to invalidate the market’s bullish structure, as most major cryptocurrencies are still trading up significantly from where they were just a couple of weeks ago.
In the near-term, it is highly probable that altcoins will begin seeing further upwards momentum, with the gains posted by Ethereum, Tezos, and Chainlink marking the start of what appears to be the next “altseason.”
NEO could be the next major crypto to see a “face ripping” rally, as TraderXO – a popular crypto analyst on Twitter – explained in a recent tweet that he thinks it is a “sleeping giant.”
“NEO – Is it a sleeping giant? Certainly looking forward to picking some up on significant enough pullback if the opportunity arises. Will be following this closely for any substantial announcements in 2020,” he explained.
https://twitter.com/traderx0x0/status/1228702712788869120?s=21
NEO’s Technical Situation Grows Highly Bullish
This next massive upside NEO movement could be driven by incredibly strong technical formations that the crypto has been able to form in recent times.
Josh McGruff, another well-respected analyst and trader, spoke about the crypto’s technical strength in a recent tweet, saying that it is “ready to run.”
“NEO breaks this resistance and it easily runs 50%. 4HR shows a lot of positive volume. 1D just had a 200/50 Golden Cross on the EMA. It’s ready to run,” he said while referencing the charts seen below.
$NEO breaks this resistance and it easily runs 50%
4HR shows a lot of positive volume.
1D just had a 200/50 Golden Cross on the EMA
It's ready to run. pic.twitter.com/vHDKM437Ns
— // Josh McGruff (@JoshMcGruff) February 14, 2020
Unless Bitcoin’s ongoing pullback shifts into a full-fledged bout of capitulation, it is highly likely that it will see an extended bout of sideways trading that allows smaller altcoins like NEO to incur some notable momentum.
Featured image from Shutterstock.