In new technical analysis, Neo is a blockchain-based smart contract platform. It is a robust platform for the development of decentralized applications. It provides an open-source infrastructure for decentralized storage and its prime aim is to lay a strong base for Nex-Gen internet. NEO is the customized token of this ecosystem.
On April 5, 2021, the opening price of NEO was $54.70. As of April 11, 2021, the closing price was $63.89. Thus, in the past week, the price has surged by roughly 17%. In the last 24 hours, NEO has traded between $63-$64.67.
Day-Ahead and Tomorrow
Currently, NEO is trading at $63.29. The price has decreased from the opening price of $63.89. Thus, the market doesn’t look very healthy.
The MACD and signal lines are negative. Moreover, a bearish crossover by the MACD line over the signal line has occurred. Thus, the overall market momentum is negative. Hence, we can expect the price to drop further.
The OBV indicator has fallen sharply. Thus, selling volumes are much higher than buying volumes. High selling activity will further push the price downwards. Hence, we can expect the NEO price to fall further.
The RSI indicator has faced rejection at 49% and has started falling. Thus, selling pressures are controlling the market. Hence, we can expect the price to decline further.
NEO Technical Analysis
As per technical analysis, the price is soon likely to fall below the first Fibonacci pivot support level of $63.22. As the bears are strong, by day close, we can expect the price to fall below the subsequent support levels of $62.83 and $62.19, respectively.
The price has tested and fallen below 23.6% FIB retracement level of $63.39. Thus, the downtrend is strong and is likely to continue tomorrow as well.