An uptrend in NEO prices meets the short-term 50% Fibonacci Level. However, the extreme rise in buying pressure projects a bullish breakout.

Neo describes itself as an "immediately growing and developing" ecosystem with the goal to become the foundation of the next-generation internet. This new economy will see digitized assets, payments, and identities come together.

This project, originally known as Antshares was the first Chinese public blockchain. It was launched in February 2014. Three years later, Neo was adopted as the new name for the open-source platform.

Let us now look at the past performance of NEO cryptocurrency.
<h2>Past Performance of NEO</h2>
NEO coin price is under a <a href="https://www.cryptoknowmics.com/news/neo-technical-analysis-price-below-the-fibonacci-pivot-point-of-50-04-selling-pressure-may-take-over/">short-term uptrend</a> in the daily chart. The coin price found support near the $35 mark. This coincides with the short-term 78.60% Fibonacci level. Furthermore, the NEO cryptocurrency has increased more than 2% within the last two weeks.

<img class="tv-snapshot-image aligncenter" src="https://s3.tradingview.com/snapshots/9/9NmM1kGa.png" alt="TradingView Chart" width="1258" height="650" />

Source - <a href="https://www.tradingview.com/x/9NmM1kGa/">Tradingview</a>
<h2>NEO Technical Analysis</h2>
<img class="tv-snapshot-image aligncenter" src="https://s3.tradingview.com/snapshots/5/5Y3QBveK.png" alt="TradingView Chart" width="1258" height="650" />

Source - <a href="https://www.tradingview.com/x/5Y3QBveK/">Tradingview</a>

NEO crypto is currently at $46.16 as of the writing of this article. Moreover, it has seen a rise of 1.75% within 24 hours. Thus, indicating a rise in underlying bullishness. However, the fall in intraday trading volume by 30% indicates a fall in the number of buyers. 

The crypto asset's price trades near the 50% Fibonacci Level of the short-term price action. This can shortly result in a downfall. However, the possibility of a bullish breakout is plausible. As the coin price is under extreme buying pressure evident by the breakout of the $45 mark.

The coin price may find support at the $45 or $35 mark per the price action. And in the event of a bullish breakout, the resistance near $51 and $57 can push the price below.

MACD and signal lines on the daily chart head closer to the zero level in a bullish alignment due to the recent bullish crossover. Moreover, the increasing intensity of the bullish histogram indicates a buy signal. 

The slope of the RSI indicator is slightly above the daily charts' central line. Furthermore, the slope is rising higher. Thus, the RSI indicator signals a buy sign. 
<h2>Upcoming Trend</h2>
As per the NEO technical analysis, the short-term scenario looks bullish as the price approaches the 50% Fibonacci Level. Moreover, the price action generates a bullish breakout possibility. However, the loss in trading volume can turn the tables. Hence, investors must stay cautious and wait patiently for the price to decide a trend.

NEO Technical Analysis: Uptrend Meets 50% Fibonacci Level 

Uptrend in NEO prices meets the short-term 50% Fibonacci Level. However, the extreme rise in buying pressure projects a bullish breakout.

Vikram is a technical analyst with several years of experience in the crypto market &amp; Indian Equity and F&amp;O Segment. He loves to learn anything and everything related to finance. He possesses strong technical and analytical skills, which he leverages to acquaint our audience with upcoming price trends for different coins.

NEO Technical Analysis: Uptrend Meets 50% Fibonacci Level

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