NEO Token Surges 10% In The Past 24 Hours – Here’s Why
NEO emerged as the largest gainer among the top 100 cryptocurrencies by market cap in the past 24 hours. At the time of writing, NEO has been trading at $10.75 while managing $106.2 million in volume, according to Coinmarketcap.
The 59th largest crypto, with a market cap of $760.2 million, is also one of the top-performing coins in the past week, with more than 14% gains.
NEO Experiences A Resurgence In 2023
Much like the rest of the crypto market, after the brutal 2022, NEO price surged in value in 2023 to nearly $15 towards the end of February, only to drop under $10 in the second week of March. Over the next month, the price of NEO went upwards before topping at just above $13.50. And last week, NEO went back to around $9 before it started gaining traction this week.
While the exact reasons behind NEO’s current surge are not clear, it is worth considering the recent developments in the project. NEO has recently made a significant foray into the field of artificial intelligence (AI). As AI fever has gone mainstream and permeated the crypto industry, NEO’s integration of AI has sparked excitement and possibilities.
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This convergence of two rapidly evolving fields has the potential to introduce advancements in algorithmic trading, predictive models, forecasting tools, and enhanced security and fraud detection. However, it is worth noting that many crypto projects are leveraging the AI trend without substantial implementation or genuine value, which is a trend observed across various sectors due to the current hype surrounding AI technologies.
In the case of NEO, the project recently announced the winners of its NeoChat ChatGPT launch competition. This investment in AI is likely one of the contributing factors to the recent spike in NEO’s price.
While up 61% in 2023 so far, NEO is still down a whopping 95% from its all-time high (ATH) of almost $200 that was hit in Jan. 2018.
NEO Price Analysis
The latest NEO price analysis shows the dominance of green candlesticks with slight resistance from the red ones. Yet, the latest chart shows bullish momentum, with the price approaching $10.88 for the second day today. The average of Bollinger bands is set at $10.07 at the time of writing.
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The short-term trend line and SMA 20 curve are upward, indicating a bullish uphold. The moving average indicator displays a value of $10.83, the highest value achieved in the past 24 hours.
From the given NEO price analysis, the bulls are taking over the cryptocurrency with a steep rise in price. This rise may take the current price levels and reach a new high above the $10.90 resistance. The RSI score detected from the hourly chart is 71, which has crossed the overbought threshold set for the coin value.
This affirms the upcoming rise in the price of the support level also continues to increase. The resistance level at $11.29 can be challenged if the buying momentum remains persistent.
-Featured image from iStcok.com, charts from Coingecko and Tradingview
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