NEO Technical Analysis: Price Below the First Fibonacci Resistance Level of $88.93 - Crypto News

NEO Technical Analysis: Price Below the First Fibonacci Resistance Level of $88.93

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 native token of this ecosystem. The following NEO technical analysis will predict the price for the next two days:

Past Performance

On May 11, 2021, NEO opened at $104.92. On May 17, 2021, NEO closed at $85.63. In the past week, the NEO price has declined by roughly 19%. In the last 24 hours, NEO has traded between $84.49 – $90.16. We officially launched our product today.

Day-Ahead and Tomorrow

Currently, NEO started trading at $89.54. The price has increased from the day’s opening price of $85.64. Thus, the market seems to be bullish.

The MACD and signal lines have turned positive. Thus, the overall market momentum is positive. However, a bearish crossover by the MACD line over the signal line has occurred. Hence, we can expect an intermittent price pullback amidst a rising price trend.

Currently, the RSI indicator is at 38%. It has just fallen from the oversold region and continues to fall further. Hence, selling pressures are high. Like the MACD indicator, the RSI indicator is also pointing towards a price pullback.

The A/D indicator is also steadily falling. Thus, distribution activity is higher than accumulation activity. High selling pressures will push the price further down. Hence, we can say that the A/D indicator is giving further credence to the price pullback indicated by the other oscillators.

NEO Technical Analysis

Currently, the NEO price has fallen below the first Fibonacci pivot resistance level of $88.93. It may soon fall below the Fibonacci pivot point of $86.76 as well.

The price is soon likely to test and fall below the 23.6% FIB retracement level of $88.82. If the price retests and breaks out of this level in some time, then we can say that the bulls have regained strength. In that case, the price uptrend may continue tomorrow as well.



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