NEO moves in a bullish trend as it reached a market capitalization of $1.03 billion and gained nearly 12 percent in the recent 24 hours amid the strong bullish momentum as we are reading in the NEO Coin news.
The coin hit $14.69 during the Asian trading hours which is the highest level reached since July 2019. The actual reasons for the spectacular growth of NEO remain unknown and the coin is moving in sync with the bullish sentiments on the market, making NEO the 19th largest digital asset by market cap.
NEO Global Development NGD had to delay the NEO DevCon in 2020 because of the deadly Coronavirus outbreak and the team explained in a 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 happen somewhere in Europe but the travel bans and restrictions introduced by a few countries there forced the team to delay the event. NGD promised to update the community on the new dates when they become known. As it is visible on the 4-hour charts, NEO moves in a bullish territory and the pair bottomed at $7.78 at the end of 2019. Since then, it has been moving within an upside channel so several other lows confirmed that the bullish trend will stay intact as long as the price stays above $12.30.
The barrier is formed by SMA100 4-hour and once it gets out of the way, the downside momentum will likely gain traction with a new focus on $11.50 reinforcing with the SMA 200 4-hour. Another sustainable move below this area will worsen the technical picture and will deny all of the bull case scenarios. On the upside, a slight move above the recent high of $14.69 will unlock the bullish potential with a focus on $15.00. As the NEO coin new suggests, the NEO/USD pair will likely get another chance of revisiting the SMA100 weekly and reach a new price of $19.35
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