NEO rockets to its highest point of the year with a remarkable overnight surge of 40%
NEO, the native token of the blockchain-based platform Neo, experienced a significant surge of 40% overnight, reaching its highest price in a year. This impressive performance has placed NEO among the top-performing cryptocurrencies of today.
As of now, NEO is trading at $21, with a 24-hour market volume exceeding $1 billion. It currently holds the 74th position on the top 100 crypto list and is approaching a market cap of $1.50 billion.
NEO, initially established as AntShares in 2014 by Da Hongfei and Erik Zhang, underwent a rebranding to NEO in June 2017. The platform operates with two native tokens, NEO and NEO Gas. Its blockchain is designed to digitize identities and assets, utilizing smart contracts to facilitate the tracking and transfer of ownership, thus creating a smart economy.
The project issued 50 million coins to its backers, with 15 million held for contingencies. Additionally, 20 million coins are being used to incentivize developers, and 15 million coins are allocated for cross-investing in other projects. While no further coins will be issued, NEO is available for trading on select exchanges.
The price of the NEO token has recently experienced a strong bullish breakout, surpassing the crucial resistance point at $19.31, which marked its highest swing on March 4th and also its highest swing this year.
According to analysts’ predictions, NEO’s price has surpassed the crucial resistance point at $16.92, the highest point reached on March 29th. Furthermore, it has moved above the 50-day and 25-day Weighted Moving Averages (WMA).
Analysts anticipate that the token will test the important support level at $19.31 before resuming its bullish trend. However, a break below this support level would indicate a victory for bears and could potentially push the price down to $16.92. On the other hand, a move above the crucial resistance level at $22.40 would indicate the potential for further gains in the near future.
In conclusion, NEO’s recent surge in price has solidified its position as one of the top-performing cryptocurrencies. With its innovative blockchain platform and promising performance, NEO continues to attract attention from investors and analysts alike.
