NEO market overview: NEO/USD mundane sideways trading lacks catalysts

NEO broke the consolidation trend that had been formed on during the last weekend trading sessions. The support at $13.50 did little to stop the bear move on Monday while the broad-based declines on Tuesday made the situation worse. NEO plunged further below the support at $12.00 but luckily it found solace at $11.00.

The slight recovery from the support yesterday has been capped under $12.00. NEO/USD is currently pivotal at $11.50 while facing resistance at the 50 SMA 1-hour. Marginally above the moving average resistance is the descending trendline resistance.

According to technical analysis, NEO is likely to stay in the sideways trading mode, too timid to make movements either direction. The RSI is sitting above the average but has not strength in the upward direction. The MACD on the same 1-hour chart is ranging at 0.0 after an impressive recovery from levels at -0.4046 as a positive sign.

NEO/USD 1-hour chart

NEO network recently upgraded the NEO MainNet successfully. The much-awaited dBFT 2.0 & NEO- -CLI 2.10.2 serves to improve stability as well as the overall performance of the NEO mainnet. According to an official mainnet:

“With Neo 2.10.2 now running on the MainNet consensus nodes since June 3rd, the improvements of dBFT 2.0 can be seen in practice today in the form of reduced block times as can be seen in the graphs from Figure 1 and Figure 2 below. Additionally, with this upgrade Neo consensus nodes are now also running the code that improves the memory pool performance, which further reduces the operational burden on the network and ensures block times can stay minimized during higher transaction volume on the network.”