After experiencing some massive gains earlier in the year, the cryptocurrency market has been on a sideways trend the past month. As much as most traders would like to see crypto continue its upward trend, the recent relative stability is actually a good thing for the market overall. This means that if the current support can be maintained for a period of time, it can provide fuel for another upward trend. After all, if the market continued to rise exponentially an inevitable panic sell would have been imminent.
While most cryptocurrencies are in the green today, NEO takes the spotlight as it’s up over 5% in the past 24 hours, one of the best performing cryptos today. One of the forces driving the positive momentum for NEO is the recent announcement of the launch of Phase
One of NEO’s EcoBoost program. According to NEO’s official announcement, the EcoBoost program 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 first stage of the program is focused on recruitment of media partners to help with publicity, platforms to help drive traffic and liquidity and institutions to provide resources and support for the NEO ecosystem. The EcoBoost program secured $100M in funding to help reach its goals and is going to be a great initiative to help NEO flourish.
NEO Price Technical Analysis
- Relative Strength Index: The current RSI is at a healthy 55 points. That means the market is neither overbought nor oversold. We can further conclude that the market is at a healthy point and has a great chance of making another move upwards.
- Bollinger Bands: Looking at the BBs we can see that the price line is within the upper and lower bands, however one bad sign is that the current price has just dipped below the MA. This is the first time it happened in the past few hours since the uptrend has began so unfortunately that may mean that NEO might take a step back in the coming hours.
If the price line can recover above the MA and the RSI can stay in the healthy range then we should expect NEO’s price to either keep the current price level or make a move upwards. However, if the price fails to cross back above the MA then most likely we will see a move downwards. At the same time, regardless of NEO’s technical indicators, most cryptocurrencies are still following Bitcoin’s movements. As such it’s a good idea to keep an eye out for any sudden moves for BTC as well.
Disclaimer: This is not trading or investment advice. The above article is for entertainment and education purposes only. Please do your own research before purchasing or investing into any cryptocurrency or digital currency.