The native token of the Neo blockchain platform, named NEO, experienced a significant increase of approximately 40% in value overnight, reaching its peak price this year and earning a place amongst the best-performing cryptocurrencies today.
Currently, NEO is priced at around $21 during my writing, and its trading volume over the past 24 hours has exceeded $1 billion. With a market cap nearing $1.5 billion, NEO holds the number 74 spot in the top crypto rankings.
NEO, initially known as AntShares, was established by Da Hongfei and Erik Zhang in the year 2014. In June 2017, it underwent a rebranding process and adopted its current name. This advanced platform is built on blockchain technology and introduces two native digital currencies: NEO and NEO Gas. The primary goal of the NEO project is to transform identities and assets into digital form using smart contracts for seamless tracking and transfer of ownership—essentially creating a smart economy.
Approximately 50 million coins were distributed to project supporters, with 15 million set aside for emergencies. An additional 20 million coins are being employed to motivate developers, while 15 million are allocated for collaborating with other projects. No new coins will be minted, but NEO can be traded on certain exchanges.
The price of NEO’s token has surged significantly in recent days, breaking through a key resistance level at $19.31 – its peak since March 4th and the highest point in 2023 so far.
Based on the forecasts of industry experts, NEO’s price surpassed the significant resistance level at $16.92, which was its peak on March 29th. Additionally, it rose above the 50-day and 25-day W moving averages.
The analyst is cautious and believes that the price of the token may dip back down to $19.31 for another test, before continuing its upward momentum.
An dip beneath this key support at $19.75 might indicate that bears are in control, potentially leading to a drop to $16.92. On the other hand, surpassing the significant resistance at $22.40 would suggest further growth in the short term.
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2024-04-09 12:05