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

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. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers.

Cryptos feed

Latest Crypto News & Analysis

Editors’ Picks

Strong resistance stack prevent BTC/USD from breaking past $8,600

BTC/USD fell from $8,665 to $8,584 so far this Thursday. The bears are in control of the market for the second straight day, as they were able to drop the price of the asset from $8,725 to $8,665 this Wednesday.

More Bitcoin News

Litecoin Market Overview: LTC/USD range tightens pre-breakout

Litecoin, just like many other cryptocurrencies is dealing with a sell-off that started earlier this week. The rally on Sunday last week reclaimed support above $60. However, the momentum ran out of steam short ...

More Litecoin News

IOTA/USD deals with a devastating 6% plunge

IOTA has been dealing with choppy markets the entire week. Consolidation commenced following the failure to break the resistance at $0.255. The resistance has been impenetrable even though it has been tested on several accounts. 

More IOTA News

Bitcoin Gold Price Analysis: BTG/USD falls below the $10.50 level

BTG/USD is on course of charting a third straight bearish day. So far this Thursday, BTG/USD fell from $10.75 to $10.37, falling below the $10.50 level, in the process. This three-day downward spiral got triggered ...

More Bitcoin Gold

BEST CRYPTO BROKERS/EXCHANGES

Bitcoin Weekly Forecast: Bulls piggy-back on altcoins rally

This week was marked by a strong altcoins rally on the cryptocurrency markets. Bitcoin SV (BSV) and Dash experienced the sharpest price increase over 100% in recent seven days...

Read the weekly forecast

BTC

ETH

XRP