NEO boosted by EcoBoost, gains 28% in recent 7 days

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.

Tanya Abrosimova Independent Analyst

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

Author

Tanya Abrosimova

Independent Analyst

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