NEO aims to make finance decentralized for the upcoming generation and create a new digitized economy. It was China's first-ever public blockchain when it was launched in the year 2014. Constant development in the technology is NEO’s key selling point as the new technology NEO 3.0 focuses on a greater number of transactions per second. Let us look at the technical analysis of NEO.
<h2><strong>Past Performance</strong></h2>
On September 30, 2021, NEO opened at $37.12. On October 06, 2021, NEO closed at $46.44. Thus, <a href="https://www.cryptoknowmics.com/news/neo-technical-analysis-price-below-the-fibonacci-pivot-point-of-45-04-likely-to-break-the-support-level-at-34-82/">in the past week</a>, the price has increased by approximately 25.63%. In the last 24 hours, NEO has traded between $43.69-$48.06.

<img class="tv-snapshot-image" src="https://s3.tradingview.com/snapshots/g/g98s3Q7S.png" alt="TradingView Chart" />

<a href="https://www.tradingview.com/x/g98s3Q7S/">https://www.tradingview.com/x/g98s3Q7S/</a>
<h2><strong>NEO Technical Analysis
</strong></h2>
<strong> </strong>Currently, NEO is trading at $45.78. The price is slightly higher than the opening price. Thus, the buying pressure in the market seems strong.

The<strong> MACD and signal lines</strong> are in the negative zone. However, a bullish crossover by the Signal line over the MACD line has occurred. Thus, the overall market momentum is bullish. Hence, we can expect the price to rise from its recent levels.

Currently, the <strong>RSI indicator</strong> is retesting its support level near equilibrium at 52. It faced rejection at 33 and rose back to this level. Thus, buying pressures are slowly mounting.

The <strong>OBV indicator</strong> is currently rising upward. Thus, buying volumes are dominating the selling volumes. High buying activity will neglect the downside pressure on the NEO price, and it will continue to rise.

In short, when we look at all three oscillators, we can say that the price may rise for the rest of the day. However, we cannot rule out the possibility of a trend reversal. We have to wait and watch if the price continues to rise in the positive trend.
<h2><strong>Day-Ahead and Tomorrow </strong></h2>
Currently, the NEO price is below the<strong> Fibonacci pivot point</strong> of $50.04. If the selling pressure takes over by the end of the day, then the price is likely to break the support level at $45.76 and will highlight the next support level of $35.21, according to <strong>FIB</strong>.

On the upside, if the price breaks the resistance level at $48.49. It will highlight the next resistance level at $52.45. Traders can take a long position accordingly.

NEO Technical Analysis: Price Below the Fibonacci Pivot Point of $50.04, Selling Pressure May Take Over

If the NEO selling pressure takes over by the end of the day, then the price is likely to break the support level at $45.76 and will highlight the next support level of $35.21 according to FIB. On the upside, if the price breaks the resistance level at $48.49. It will highlight the next resistance level at $52.45. Traders can take a long position accordingly. 

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.

NEO Technical Analysis: Price Below the Fibonacci Pivot Point of $50.04, Selling Pressure May Take Over

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