NEO emerged as the biggest winner in the top 100 cryptocurrencies by market capitalization over the past 24 hours. At the time of writing, NEO was 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 best performing coins of the past week, gaining more than 14%.
NEO is experiencing a resurgence in 2023
Like the rest of the crypto market, after the brutal 2022, the NEO price rose in value to almost $15 by the end of February in 2023, only to drop below $10 in the second week of March. Over the course of the next month, the price of NEO moved up before breaking just above $13.50. And last week NEO went back to around $9 before starting to gain traction this week.
While the exact reasons behind NEO’s current surge are not clear, it is worth considering recent developments in the project. NEO has recently made an important step in the field of artificial intelligence (AI). As AI fever has gone mainstream and permeated the crypto industry, NEO’s integration of AI has generated excitement and opportunity.
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This convergence of two rapidly evolving fields has the potential to introduce improvements in algorithmic trading, predictive modeling, forecasting tools, and enhanced security and fraud detection. However, it is worth noting that many crypto projects are benefiting from the AI trend without substantial implementation or real value, a trend that is being seen across industries due to the current hype surrounding AI technologies.
In the case of NEO, the project recently announced the winners of the NeoChat ChatGPT launch contest. This investment in AI is likely one of the contributing factors to the recent spike in the price of NEO.
While NEO is up 61% so far in 2023, it is still a whopping 95% below its all-time high (ATH) of nearly $200 reached in January 2018.
NEO Price Analysis
The latest NEO price analysis shows the dominance of green candlesticks with slight resistance from the red ones. Still, 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 trendline and the SMA 20 curve are up, indicating a bullish hold. The moving average indicator shows a value of $10.83, the highest value achieved in the last 24 hours.
The NEO price analysis given shows that the bulls are taking over the cryptocurrency with a sharp rise in price. This rise may take current price levels and reach a new high above the $10.90 resistance. The RSI score detected on the hourly chart is 71, which has crossed the overbought threshold set for the coin value.
This confirms that the impending price rise of the support level also continues to rise. The $11.29 resistance level could be challenged if buying momentum continues.
– Featured image from iStcok.com, charts from Coingecko and Tradingview