NEO Technical Analysis: High Selling Activity Pushing the Price Downwards
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NEO Technical Analysis: High Selling Activity Pushing the Price Downwards

April 12, 2021      Ankita Awasthi

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.

Past Performance

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.

NEO Technical Analysis

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.

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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.

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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.

#Neo #Neo Price
Ankita Awasthi
Ankita Awasthi

Ankita is reading geek by birth, she loves to read and write about finance and now cryptocurrencies and blockchain since 2017. A Bitcoin enthusiast ever since, she likes to understand businesses and how they affect everything else. Ankita contributes on our news bulletin with the latest happening in blockchain, crypto and ICO market specifically.