- 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.
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
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
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.
|Today last price||25.097|
|Today Daily Change||1.31300|
|Today Daily Change %||5.52|
|Today daily open||23.784|
|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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