• The new Neo update increases the overall block size limit and improves overall network health.
  • The 4-hour NEO chart has formed the head and shoulders pattern

Neo issues new mainnet update

The Neo Global Development (NGD) has announced a new version of the core Neo2 node client, neo-cli v2.12.0. This update increases the overall block size limit and improves overall network health. The GAS limit has gone up from 10 to 50, while the max number of transactions per block has dropped from 500 to 200.

This increase in gas limit is for Neo’s upcoming DeFiFlamingo. The new updates will ensure network stability by compensating for an expected increase in contract execution time.

NEO/USD daily chart

NEO/USD daily chart

NEO buyers have stayed in control for three straight days, charting the three green soldiers pattern as it went up from $20.35 to $25.15. The price reached intraday highs of $25.90, charting a 52-week high. In the process, the price has crossed the upper curve of the 20-day Bollinger Band and the relative strength index has crept into the overbought zone. Both these indicators show that the price is presently overvalued and will face bearish correction soon. The immediate target for correction will be $24.50, bringing the price back inside the 20-day Bollinger Band.

NEO/USD 4-hour chart

NEO/USD 4-hour chart

The 4-hour chart has formed the head and shoulders pattern and then broke above the upward trending line. The RSI is hovering along the very edge of the overbought zone, prompting a bearish correction, as the two latest candlesticks have formed a bearish engulfing pattern.

NEO on-chain dev activity

fxsoriginal

As per Santiment, the dev activity has recently increased due to the upcoming Flamingo. As expected, the price has reacted very positively to this increased dev activity. 

Key levels

NEO/USD

Overview
Today last price 25.097
Today Daily Change 1.31300
Today Daily Change % 5.52
Today daily open 23.784
 
Trends
Daily SMA20 19.7868
Daily SMA50 16.9259
Daily SMA100 13.81543
Daily SMA200 11.33486
 
Levels
Previous Daily High 24.378
Previous Daily Low 20.728
Previous Weekly High 20.636
Previous Weekly Low 15.932
Previous Monthly High 22.871
Previous Monthly Low 11.454
Daily Fibonacci 38.2% 22.9837
Daily Fibonacci 61.8% 22.1223
Daily Pivot Point S1 21.54867
Daily Pivot Point S2 19.31333
Daily Pivot Point S3 17.89867
Daily Pivot Point R1 25.19867
Daily Pivot Point R2 26.61333
Daily Pivot Point R3 28.84867

 

 

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