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 <a href="https://www.cryptoknowmics.com/news/neo-technical-analysis-price-below-the-fibonacci-pivot-point-of-61496-buying-pressure-strong-till-day-end/">native token of this ecosystem</a>. Let us look at the technical analysis for NEO.
<h2><b>Past Performance</b></h2>
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.

<img class="shrinkToFit" src="https://s3.tradingview.com/snapshots/r/rbGA0Sea.png" alt="https://s3.tradingview.com/snapshots/r/rbGA0Sea.png" width="1089" height="515" />

<a href="https://s3.tradingview.com/snapshots/r/rbGA0Sea.png">https://s3.tradingview.com/snapshots/r/rbGA0Sea.png</a>
<h2><b>Day-Ahead and Tomorrow</b></h2>
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 <strong>MACD and signal lines</strong> 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 <strong>RSI indicator</strong> 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 <strong>OBV indicator</strong> is rising steadily. Thus, buying volumes are higher than selling volumes. Hence, the NEO price may rise further.

In a nutshell, the <strong>OBV indicator</strong> has given positive signals while the <strong>RSI and MACD indicators</strong> have given negative signals.  Thus, we have to wait and watch if the bullish trend continues or a trend reversal occurs.
<h2><b>NEO Technical Analysis</b></h2>
Currently, the price is above the <strong>Fibonacci pivot point</strong> of $25.81. The price may soon breach the <strong>first Fibonacci pivot resistance level</strong> 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 <strong>23.6% FIB retracement level</strong> of $26.11. It may soon break out of the <strong>23.6% FIB extension level</strong> 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.

NEO Technical Analysis: Price May Cross the Resistance Level of $26.29

NEO 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.

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 May Cross the Resistance Level of $26.29

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