NEO emerged as the most important gainer among the many prime 100 cryptocurrencies by market cap previously 24 hours. On the time of writing, NEO has been buying and selling at $10.75 whereas managing $106.2 million in quantity, in response to Coinmarketcap.
The 59th largest crypto, with a market cap of $760.2 million, can be one of many top-performing cash previously week, with greater than 14% good points.
NEO Experiences A Resurgence In 2023
Very similar to the remainder of the crypto market, after the brutal 2022, NEO value surged in worth in 2023 to just about $15 in direction of the tip of February, solely to drop below $10 within the second week of March. Over the subsequent month, the value of NEO went upwards earlier than topping at simply above $13.50. And final week, NEO went again to round $9 earlier than it began gaining traction this week.
Whereas the precise causes behind NEO’s present surge are usually not clear, it’s value contemplating the current developments within the venture. NEO has lately made a big foray into the sphere of synthetic intelligence (AI). As AI fever has gone mainstream and permeated the crypto trade, NEO’s integration of AI has sparked pleasure and potentialities.
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This convergence of two quickly evolving fields has the potential to introduce developments in algorithmic buying and selling, predictive fashions, forecasting instruments, and enhanced safety and fraud detection. Nonetheless, it’s value noting that many crypto initiatives are leveraging the AI development with out substantial implementation or real worth, which is a development noticed throughout numerous sectors because of the present hype surrounding AI applied sciences.
Within the case of NEO, the venture lately introduced the winners of its NeoChat ChatGPT launch competitors. This funding in AI is probably going one of many contributing elements to the current spike in NEO’s value.
Whereas up 61% in 2023 to this point, NEO remains to be down a whopping 95% from its all-time excessive (ATH) of virtually $200 that was hit in Jan. 2018.
NEO Worth Evaluation
The most recent NEO value evaluation reveals the dominance of inexperienced candlesticks with slight resistance from the crimson ones. But, the newest chart reveals bullish momentum, with the value approaching $10.88 for the second day immediately. The common of Bollinger bands is about at $10.07 on the time of writing.
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The short-term development line and SMA 20 curve are upward, indicating a bullish uphold. The transferring common indicator shows a price of $10.83, the very best worth achieved previously 24 hours.
From the given NEO value evaluation, the bulls are taking up the cryptocurrency with a steep rise in value. This rise might take the present value ranges and attain a brand new excessive above the $10.90 resistance. The RSI rating detected from the hourly chart is 71, which has crossed the overbought threshold set for the coin worth.
This affirms the upcoming rise within the value of the assist stage additionally continues to extend. The resistance stage at $11.29 may be challenged if the shopping for momentum stays persistent.
-Featured picture from iStcok.com, charts from Coingecko and Tradingview
