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


Latest Crypto News & Analysis

Editors’ Picks

ETH ready for a decisive breakthrough, BTC range-bound

BTC/USD hit the intraday high above $11,400 during early Asian hours and retreated to $11,226 by press time. The first digital coin has stayed unchanged on a day-to-day basis and since the beginning of the day, moving within a short-term bullish trend amid low volatility.

More Bitcoin News

All phases of Ethereum 2.0 will positively impact the network – Analyst

The anticipation of Ethereum 2.0 is continuing to rise as the activity on the network is surging. Kelvin Koh, the co-founder of venture capital firm Spartan Group, has recently said that ETH 2.0 will have play a key role in the growth of the network.

More Ethereum News

ETC/USD faces stiff resistance at $7.35

Ethereum Classic (ETC) settled in a range above $7.00 after wild price swings on the weekend. At the time of writing, ETC/USD is changing hands at $7.20, mostly unchanged both on a day-to-day basis and since the beginning of Tuesday. 

More Ethereum Classic News

ADA/USD bulls remain in control as price goes up

Cardano successfully launched the Shelley hard fork a few days back and it currently has >620 active stake pools. These pools have a total of 2.74 billion ADA committed to staking. According to ...

More Cardano News

BEST CRYPTO BROKERS/EXCHANGES

Bitcoin Weekly Forecast: Fasten your seatbelts, next stop is $12,000

Bitcoin has had its best week since mid-2019. The first digital currency gained over 18% in a single week and hit the new highest level of 2020. At the time of writing, BTC/USD is changing hands at $11,358 and the upside momentum is gaining traction as Bitcoin bulls are pushing at the upper line of the weekly Bollinger Band. 

Read the weekly forecast

BTC

ETH

XRP