Before discussing NEO, let's start with a disclaimer. As we understand it, people don't think this is the most exceptional project - with or without the Chinese announcement about wanting to dominate blockchain.

With that out of the way, it looks like bulls may be in charge of the market. NEO right now is holding support from a bullish breaker. It is also not backing off from its highs. Also, the spike rally took out the "previous 4th." The previous 4th is the location where the last leg of the down move started. To be brief, NEO does have room to move if people who shorted the rally get stopped out.

Bottom Line: When a market makes a significant turn, sometimes the fundamentally worst instruments can trade the best. This was true at the 2009 bottom in risk assets as real estate ETF's traded very well on the turn higher. In the case of crypto, marginal altcoin projects may have another leg up or at least hold where they are.

DISCLOSURE: Token Metrics is a regular publication of information, analysis and commentary and does not provide individually tailored investment advice.  The Token Metrics team has invested and advised in many blockchain companies. A complete list of the team disclosures, advisory roles and current holdings can be viewed here: https://blog.tokenmetrics.com/disclosures/.