• NEO is one of the best-performing cryptocurrencies in recent seven days.
  • EcoBoost program launched by the NEO Foundation created a positive stimulus on the market.

NEO has been in a spotlight recently, gaining more than 28% in the recent seven days amid strong bullish trend supported by positive fundamental developments. At the time of writing, NEO/USD is changing hands at $14.63. The17th largest altcoin with the current market capitalization of $1 billion has grown by 5% on a day-on-day basis and by 4% since the beginning of Monday trading. 

EcoBoost program

A recently announced launch of one of NEO's EcoBoost programs may be partially responsible for the coin's strong performance. The program is designed to create comfortable and beneficial conditions for developers and foster dApps development.

"NEO Eco Boost is designed to provide life cycle support for developers, dApps, infrastructure, etc. within the NEO ecosystem. With an aim to help support the growth and development of NEO ecosystem," the announcement says.

At the initial stage, the program will be focused on building a partnership with media to get publicity and media coverage.

"As such, we will first launch the NEO Eco Boost Partner Recruitment program. Subsequently, to foster and support high-quality projects within the NEO Ecosystem, NEO will share resources with all partners."

NEO's technical picture

The initial resistance awaits NEO bulls on approach to $14.80. This area is strengthened by the intraday high, the highest level of 2019 touched on May 30 and the upper line of 1-day Bollinger Band located on approach. Once it is out of the way, the recovery will extend towards psychological $15.00.

Notably, NEO/USD surpassed SMA50 (Simple Moving Average) on a weekly chart for the first time. This is a strong bullish signal, that may imply that the momentum will gain traction.

On the downside, the initial support comes at $14.00 followed by $13.76 (the middle line of Bollinger Band on 4-hour chart). A sustainable move below this handle will open up the way towards the next bearish aim of $13.00 with SMA50 (4-hour) located right below this handle. 

NEO/USD, 1-day chart

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.

Cryptos feed

Latest Crypto News & Analysis

Editors’ Picks

Bitcoin price prediction: November fails to impress, what about an action-filled December 2019?

Bitcoin is staring into a bottomless pit mid though the month of November. The past two years have seen Bitcoin start to stir movement upwards in November.

More Bitcoin News

The cryptocurrency market update: Bitcoin and major altcoins recover from early losses

The cryptocurrency market is navigating a sea of red on Friday. Bitcoin and all major altcoins are nursing losses both on a day-to-day basis and since the beginning of the day.

More Cryptocurrencies News

XRP/USD on the verge of a falling wedge pattern breakout

Ripple is trading below a key support week-long support at $0.27. The selling pressure on Thursday forced the price lower refreshing the levels towards $0.26. XRP commenced the trading on Friday at $0.2679 and touched a high of $0.2690.

More Ripple News

Litecoin price update: LTC/USD takes back $60 support, is $65 hurdle breakable?

Litecoin is in the middle of a recovery move following the recent slide below $60. The accrued gains chopping exercise that has been going on since the week started after another failed attempt to correct towards $65.

More Litecoin News


Bitcoin Weekly Forecast: In the middle of nowhere

Bitcoin has been drifting down since the beginning of the week, as the bulls have no luck with the recovery campaign launched during the previous weekend.

Read the weekly forecast