NEO price analysis: NEO/USD surges over 10% on the day as the network welcomes the decentralized ecosystem

NEO price spiked again this morning testing the resistance at $40.00 recording over 10% rise on a single day. NEO/USD lately has been on a journey of breaking barriers after sinking into the pits below $30.00. The Bulls entered marginally above $27.00 leading to a surge above the key resistance zones at $30.00 and $37.00.

The network is embarking on steps towards decentralization on Wednesday, July 4. The plan has been brewing for some time now, but an announcement made on Tweeter today brought the long wait to a halt. This is viewed as a big step not just for NEO but for the larger cryptocurrency industry as well. The communication was not made in English but the tweet’s translation reads:

“No innovation. No Decentralization. No communication.” We’ve heard many voices of “No” over the past. While the Market changes, NEO’s vision remains unchanged. From this first step of decentralization, a new era of NEO ecosystem is about to unveil!”

The information is, however, limited and the community will be waiting for more communication from the team. In the meantime, NEO price is on an upward roll, although it is likely that it will settle in a bullish flag pattern in the short-term. The region at $40.00 will continue to limit recoil towards $50.00 in the near-term while the 61.8% Fib retracement level with the last swing high of $46.18 and a $27.48 low will offer immediate support. Further down, a stronger support is highlighted at $37.00 while the major support zone seen at $32.00 – $30.00 close to the 23.6% Fibonacci level.

NEO/USD 1-hour chart