NEO, the 19th largest digital asset with the current market capitalization of $1.03 billion has gained nearly 12% in the recent 24 hours amid strong bullish momentum. The coin hit $14.69 during early Asian hours, which is the highest level since July 2019. While the actual factors behind NEO’s spectacular growth remain unknown, the coin is moving in sync with the bullish sentiments on the market.
NEO forced to change plans due to coronavirus
Neo Global Development (NGD) had to postpone Neo DevCon 2020 due to the deadly virus outbreak. The team explained in a January 2020 report:
Although we have to delay some planned offline events such as the much anticipated Neo DevCon due to recent travel and visa restrictions, we are already working hard for a more exciting event that will showcase more progress on Neo3 and ecosystem projects.
The conference was scheduled in late April 2020 and was supposed to take place in Europe. However, travel bans and restrictions introduced by several countries forced the team to cancel the event. NGD promises to update the community on the new dates once they become known.
NEO/USD: Technical picture looks bullish
As it is clearly visible on a 4-hour chart, NEO/USD bottomed at $7.78 on December 17, 2019, and has been moving within an upside channel ever since. Several higher lows confirm the bullish trend that will stay intact as long as the price holds above $12.30. This barrier is created by SMA100 4-hour. Once it is out of the way, the downside momentum is likely to gain traction with the next focus on $11.50 reinforced by SMA200 4-hour. A sustainable move below this area will worsen the technical picture and negate an immediate bull case scenario.
On the upside, a move above the recent high of $14.69 will unlock the bullish potential with the next focus on $15.00. Once it is cleared, NEO/USD will get a chance to revisit SMA100 weekly at $19.35.
NEO/USD 4-hour chart
Source: Tanya Abrosimova - FxStreet