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 accordance with Coinmarketcap.
The 59th largest crypto, with a market cap of $760.2 million, can also be one of many top-performing cash previously week, with greater than 14% beneficial properties.
NEO Experiences A Resurgence In 2023
Very like the remainder of the crypto market, after the brutal 2022, NEO worth surged in worth in 2023 to almost $15 in the direction of the top of February, solely to drop below $10 within the second week of March. Over the subsequent month, the worth 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 aren’t clear, it’s price contemplating the latest developments within the mission. NEO has just lately made a big foray into the sphere of synthetic intelligence (AI). As AI fever has gone mainstream and permeated the crypto business, 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 price noting that many crypto tasks are leveraging the AI pattern with out substantial implementation or real worth, which is a pattern noticed throughout varied sectors because of the present hype surrounding AI applied sciences.
Within the case of NEO, the mission just lately introduced the winners of its NeoChat ChatGPT launch competitors. This funding in AI is probably going one of many contributing elements to the latest spike in NEO’s worth.
Whereas up 61% in 2023 to date, NEO continues 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 newest NEO worth evaluation exhibits the dominance of inexperienced candlesticks with slight resistance from the pink ones. But, the most recent chart exhibits bullish momentum, with the worth approaching $10.88 for the second day at present. The typical of Bollinger bands is about at $10.07 on the time of writing.
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The short-term pattern line and SMA 20 curve are upward, indicating a bullish uphold. The shifting common indicator shows a worth of $10.83, the best worth achieved previously 24 hours.
From the given NEO worth evaluation, the bulls are taking on the cryptocurrency with a steep rise in worth. This rise could take the present worth 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 worth of the help degree additionally continues to extend. The resistance degree at $11.29 will be challenged if the shopping for momentum stays persistent.
-Featured picture from iStcok.com, charts from Coingecko and Tradingview
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