NEO price analysis: NEO/USD defies gravity with 50% of weekly gains

NEO has gained nearly 50% in less than a week and moved to the 16th place in the global cryptocurrency rating. NEO hit $20.84 during early Asian hours on Wednesday and retreated to $20.52 by the time of writing. The market capitalization of the coin jumped to $1.4 billion, while an averaged daily trading volume is registered at $1 billion, which is significantly higher than the long-term average. NEO is most actively traded at Bitfinex against USDT.

NEO's technical picture

Looking technically, a sustainable move above $20.00 unlocks an uncharted territory for NOE bulls. The coin hit the highest level since September 2018 and now poised for further growth with the next bullish target at $25.00-$25.30. Once it is cleared, the growth is likely to gain traction with the next focus on $30.00. 

However, the upside momentum may slow down a bit and even give way to a short-term downside correction as NEO is grossly overbought on all timeframes. The initial support awaits at $19.00 (middle line of 1-hour Bollinger Band) and $18.50 (the upper boundary of the recent consolidation channel). 

A sustainable move below this handle will open up the way towards the next bearish aim of $17.50 (Simple Moving Average, SMA100 and the lower line and the lower boundary of the above-said consolidation channel) It is followed by $17.00 (lower line of 1-hour Bollinger Band), while the critical support lies with psychological $15.00.

NEO/USD, 1-hour chart