- NEO mainnet upgrade dBFT 2.0 & NEO- -CLI 2.10.2 went live on Monday.
- NEO is likely to stay in the sideways trading mode, too timid to make movements either direction.
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.”
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers. The author will not be held responsible for information that is found at the end of links posted on this page.
If not otherwise explicitly mentioned in the body of the article, at the time of writing, the author has no position in any stock mentioned in this article and no business relationship with any company mentioned. The author has not received compensation for writing this article, other than from FXStreet.
FXStreet and the author do not provide personalized recommendations. The author makes no representations as to the accuracy, completeness, or suitability of this information. FXStreet and the author will not be liable for any errors, omissions or any losses, injuries or damages arising from this information and its display or use. Errors and omissions excepted.
The author and FXStreet are not registered investment advisors and nothing in this article is intended to be investment advice.
Recommended Content
Editors’ Picks
New York Attorney General reaches $2 billion settlement with Genesis after claims of fraud
New York Attorney General Letitia James says her office has secured a $2 billion settlement from Genesis. AG Letitia James sued the crypto company in October on account of lying and defrauding investors of over $1 billion.
Digital asset weekly inflows jump over 600% following response to CPI report
Coinshares weekly report of digital asset flows shows that crypto assets witnessed more than a 600% increase in net inflows last week after US Consumer Price Index saw a softer-than-expected inflation increase.
Ethereum sees a 16% spike as Bloomberg analysts surprisingly increase approval odds to 75%
Ethereum's (ETH) price gained over 16% on Monday as Bloomberg analysts updated their odds for spot Ethereum ETF approval to 75%. Grayscale’s CEO stepping down from his role days before the Securities & Exchange Commission (SEC) decides on the ETFs has also added complexity to the predictions of analysts.
Tokens with high FDVs, low circulating supply face fierce criticism from crypto community
Tokens with high fully-diluted valuations (FDV) have been subject to fierce criticism recently following a series of token unlocks that has caused losses for several investors. As a result, Binance has said in an announcement on Monday that it will give more focus to small and medium-valued crypto projects.
Bitcoin: Is BTC out of the woods? Premium
Bitcoin price shows signs of continuing its uptrend, providing a buying opportunity between $64,580 to $63,095. On-chain metrics forecast a bullish outlook for BTC ahead. If BTC clears $70,000, the chances of resuming the uptrend would skyrocket.