NEO emerged as the biggest 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% positive factors.
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 just about $15 in direction of the tip of February, solely to drop beneath $10 within the second week of March. Over the following 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 challenge. 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. Nevertheless, it’s value 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 as a result of present hype surrounding AI applied sciences.
Within the case of NEO, the challenge 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 worth.
Whereas up 61% in 2023 thus far, 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 worth evaluation exhibits the dominance of inexperienced candlesticks with slight resistance from the purple ones. But, the newest chart exhibits bullish momentum, with the value approaching $10.88 for the second day right this moment. The typical of Bollinger bands is ready at $10.07 on the time of writing.
The short-term pattern line and SMA 20 curve are upward, indicating a bullish uphold. The transferring 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 up the cryptocurrency with a steep rise in worth. This rise might 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 assist 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