NEO Market Overview: NEO/USD remains bullish in the journey towards $20
|- NEO battles the growing resistance at $12 in a bid to push for gains towards $20.
- NEO invests undisclosed amount of money in Switcheo, a decentralized token exchange.
NEO appears to be struggling to hold above $11 due to the generally bearish cryptocurrency market. In tandem with the rising price across the crypto market this week, NEO corrected higher, jumping above $10 and testing the hurdle at $12. While the gains seem to be taking a breather, NEO bulls are still focused on sustaining the uptrend towards $20.
NEO expands the ecosystem with an investment in Switcheo
According to a blog post published on January 14, NEO has invested in Switcheo, a decentralized exchange via NEO EcoBoost. EcoBoost is a separate investment body operated by NEO in collaboration with other partners. The amount of money invested in the exchange was not disclosed, however, NEO is said to have set aside $100 million for the EcoBoost program.
NEO Technical picture
NEO is trading at $11.16 following a shallow correction from the recent high at $12. The price is digging into the Bollinger Band daily upper resistance in a bid to relaunch the attack on higher levels. For now, all eyes are set on breaking the $20 psychological level but a delay is likely at $12.
Technically, the price is generally bullish. The RSI, for instance, is trending higher and if it breaks into the overbought region, NEO could eventually gain the momentum it requires to jump above the $12 hurdle.
Meanwhile, support is expected at $10 as well as the confluence formed by the 100-day SMA and the Bollinger Band middle curve. The 50-day SMA currently at $9.20 is in line to offer more support. Further downside correction is likely to find cushion at the $8.0 key support.
NEO/USD daily chart
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