By CryptoChartist.com contributor Mark Dukas
If you bought IOTA during the bad press it received from late Summer until Thanksgiving you have been handsomely rewarded for sticking it out. The run has yielded an impressive 700% plus gain.
Looking at the technicals side of things IOTA has upward sloping 50 & 200 period moving averages. The breakouts have all been on some serious volume as buyers have continued to step in at higher prices. The chart shown is a 480 minute chart (3 bars in a day) and every 480 it is taking out prior bar highs. The “tangle” is in a strong bullish phase with prices above the 50, 200. The 50 being above the 200 day moving averages is a great short term compliment. The buy on the 480 came in at $0.55 and currently still long.
The Da Hongfei tour continues with NEO having some serious price action in the $30 range over the past few weeks. It spiked up to $48 whena mysterious tweet came out of about a big event which led to a buying frenzy. After the sell-off due to the disappointment of less than stellar news, serious investors knew NEO was on discount and over the past 5 days. NEO traded 46% higher in the move off $30 reaching a high of $44 on December 4th at 11am EST.
From the technical side of things, the last 480 min bar took out the 50 period moving average bringing NEO into the bullish phase. Support is excellent because both the 50 and 200 are upward sloping. Most of all is that the last bar of volume was two times the average trading volume on the move up. The last important note is the 50 is above the 200 solidifying the bullish phase as NEO looks towards its next resistance levels of $43.59 and $48.57.