NEO emerged as the biggest gainer among the many high 100 cryptocurrencies by market cap prior to now 24 hours. At the time of writing, NEO has been buying and selling at $10.75 whereas managing $106.2 million in quantity, based on Coinmarketcap.
The 59th largest crypto, with a market cap of $760.2 million, can be one of many top-performing cash prior to now week, with greater than 14% good points.
NEO Experiences A Resurgence In 2023
Much like the remainder of the crypto market, after the brutal 2022, NEO value surged in worth in 2023 to almost $15 in the direction of the top of February, solely to drop underneath $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.
While the precise causes behind NEO’s present surge usually are not clear, it’s price contemplating the current developments within the venture. NEO has lately made a major foray into the sector of synthetic intelligence (AI). As AI fever has gone mainstream and permeated the crypto trade, NEO’s integration of AI has sparked pleasure and prospects.
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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. However, it’s price noting that many crypto initiatives are leveraging the AI development with out substantial implementation or real worth, which is a development noticed throughout varied sectors as a result of present hype surrounding AI applied sciences.
In 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 components to the current spike in NEO’s value.
While up 61% in 2023 to this point, NEO continues to be down a whopping 95% from its all-time excessive (ATH) of virtually $200 that was hit in Jan. 2018.
NEO Price Analysis
The newest NEO value evaluation exhibits the dominance of inexperienced candlesticks with slight resistance from the purple ones. Yet, the most recent chart exhibits bullish momentum, with the value approaching $10.88 for the second day in the present day. 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 best worth achieved prior to now 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 help stage additionally continues to extend. The resistance stage at $11.29 might be challenged if the shopping for momentum stays persistent.
-Featured picture from iStcok.com, charts from Coingecko and Tradingview
