NEO Token Surges 10% In The Previous 24 Hours – Right here’s Why

NEO Token Surges 10% In The Previous 24 Hours – Right here’s Why

NEO emerged as the most important gainer among the many high 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 keeping 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% good points.

NEO Experiences A Resurgence In 2023

Very similar to 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 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.

NEO has skilled a constructive rise previously seven days: supply @Coingecko

Whereas the precise causes behind NEO’s present surge usually are not clear, it’s price contemplating the latest developments within the venture. NEO has lately made a big 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 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 as a result of present hype surrounding AI applied sciences.

Within 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 elements to the latest 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 Value Evaluation 

The most recent NEO worth evaluation exhibits the dominance of inexperienced candlesticks with slight resistance from the crimson ones. But, the newest chart exhibits bullish momentum, with the worth approaching $10.88 for the second day as we speak. The common of Bollinger bands is ready 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 transferring common indicator shows a worth of $10.83, the very best worth achieved previously 24 hours.

Neo charts point to a bullish trend: source @Tradingview
Neo charts level to a bullish pattern: supply @Tradingview

From the given NEO worth evaluation, the bulls are taking on 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 help degree additionally continues to extend. The resistance degree at $11.29 might be challenged if the shopping for momentum stays persistent.

-Featured picture from, charts from Coingecko and Tradingview

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