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Neo (NEO) coin nearing strong resistance at $77

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Neo (NEO) stands at a price level of $58, at the time of writing. During the bull run of 2021, NEO coin could not break its all-time high of $196 established during 2018. It did, however, reach towards $140 as its 52-week high. The cryptocurrency has fallen nearly 60% from its high of the 2021 bull run. In the daily timeframe, Neo coin appears to be continuing its downward trend with the price decreasing since the past day. The daily trading volume is also on a downtrend.

Neo (NEO) Technical Analysis

The market sentiment for Neo crypto is bearish – as is a majority of the crypto market. On a downward bias, technical indicators for the cryptocurrency are majorly suggesting sell signals. Out of the twenty-six on-site technical indicators, twelve suggest a sell, ten are standing at a neutral position while only four are giving out a buy signal. The oscillators are neutral while the moving averages are suggesting a strong fall in the price level.

Neo coin is expected to soon reverse its downward trajectory. A trader has identified the price level of $35 as strong support. The cryptocurrency experienced a pullback from the support level amidst the market crash – indicating its strength. The trader has also identified strong resistance lying at $77 which stands parallel to the 0.618 Fibonacci retracement level. The cryptocurrency will see 48% growth if it is able to reach towards the resistance level and stabilize in the region.

Evolution of Neo blockchain: N3

N3 is a version of the Neo blockchain said to represent “bold, refined, simple and powerful”, It is the next step in the evolution of the Neo blockchain which will take it closer to Neo’s mission of becoming the most complete blockchain available. N3 is not to be confused with a newer blockchain but rather it is a newer upgrade for the Neo blockchain. It will be launched on a new chain resulting in two versions of blockchain running simultaneously. The N3 may be the stepping stone in the journey of the Neo blockchain.

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