NEO, the proprietary cryptocurrency of the Neo blockchain platform, has experienced an impressive 40% surge in value overnight, reaching its highest price point in the past year. This surge has positioned NEO among the top-performing cryptocurrencies in today’s market.
As of the latest update, NEO is currently trading at $21, with its 24-hour trading volume surpassing $1 billion. Ranking 74th among the top 100 cryptocurrencies, NEO approaches a market capitalization of $1.50 billion.
Founded in 2014 as AntShares and rebranded to NEO in June 2017, the Neo platform supports two native tokens: NEO and NEO Gas. Its blockchain infrastructure is tailored for digitizing identities and assets, utilizing smart contracts to facilitate tracking and transfer of ownership—a concept referred to as a smart economy.
A total of 50 million coins were initially issued to project backers, with 15 million reserved for contingencies, 20 million allocated for developer incentives, and 15 million for cross-investing in other projects. No further issuance of coins is planned, though NEO is available for trading on various exchanges.
The recent bullish breakout in NEO’s token price has seen it surpassing key resistance levels, notably exceeding the $19.31 mark, its highest since March 4th. Analysts observe that NEO’s price has also surpassed the crucial resistance point of $16.92, marking the highest point since March 29th. Moreover, it has surged past both the 50-day and 25-day Weighted Moving Averages (WMA).
Analysts predict a potential retesting of the significant support level at $19.31, followed by a continuation of the bullish trend. However, a breach below this support level may signal bearish dominance, potentially leading to a decline to $16.92. Conversely, a breakthrough above the critical resistance level at $22.40 could indicate further gains in the near future.