Neo is a blockchain platform that allows users to create decentralized apps and smart contracts. It also provides a robust infrastructure for decentralized storage and the development of the Next-Gen internet. NEO is the native token of this ecosystem. Let us look at the technical analysis for NEO. Past Performance On Jul 14, 2021, NEO opened at $33.46. On Jul 20, 2021, NEO closed at $25.86. Thus, in the past week, the NEO price has decreased by roughly 23%. In the last 24 hours, NEO has traded between $25.15-$26.41. https://ift.tt/3kCu5Xh Day-Ahead and Tomorrow Currently, NEO is trading at $26.26. The price has increased from the day’s opening price of $25.86. Thus, the market seems bullish. The MACD and signal lines are positive. Thus, the overall market momentum is bullish. However, a bearish crossover by the MACD line over the signal line has occurred. Moreover, both the lines are close to the zero line and may change signs soon. Hence, we can expect an intermittent price pullback or a bullish trend reversal. Currently, the RSI indicator is at 66%. It faced rejection at 75% and fell to the current level. Hence, selling pressures are slowly mounting. High selling activity will exert downward pressure on the price. However, the OBV indicator is rising steadily. Thus, buying volumes are higher than selling volumes. Hence, the NEO price may rise further. In a nutshell, the OBV indicator has given positive signals while the RSI and MACD indicators have given negative signals. Thus, we have to wait and watch if the bullish trend continues or a trend reversal occurs. NEO Technical Analysis Currently, the price is above the Fibonacci pivot point of $25.81. The price may soon breach the first Fibonacci pivot resistance level of $26.29. Thereafter, we have to wait and watch if the price continues to rise or starts declining again. Currently, the price is above the 23.6% FIB retracement level of $26.11. It may soon break out of the 23.6% FIB extension level of $26.71. By day end, if the price retests and falls below these levels, then the bearish price trend is strong enough to sustain till tomorrow.
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