Home
News
- 1 NEO crypto price is trading above the key moving averages showcasing bullishness.
- 2 The crypto is facing resistance at $20 amid bearish pressure.
NEO is a blockchain infrastructure that promotes the creation of digital assets and smart contracts with the goal of establishing a robust network of dApps. The platform utilizes an advanced consensus mechanism known as Delegated Byzantine Fault Tolerance (dBFT) 2.0, which is an improved version of dBFT aimed at bolstering network security, scalability, and the speed of transactions.
This system ensures that once a transaction is confirmed, it cannot be reversed, thereby minimizing the chance of blockchain forks and securing the network’s integrity.
The platform is dedicated to the digitization of assets via smart contracts, allowing for secure and efficient management of digital assets without the need for middlemen. NEO is committed to fostering a smart economy, integrating digital identities to facilitate the application of blockchain technology in real-world scenarios. It is developer-friendly, supporting various programming languages for crafting smart contracts.
NEO’s ecosystem is powered by two distinct tokens: NEO and GAS. NEO represents a stake in the network, granting its holders governance rights, while GAS is utilized to cover transaction fees and the execution of smart contracts.
With the launch of NEO 3.0, the platform is set to undergo significant enhancements, such as faster transactions, greater scalability, and new features like NeoID for verifying digital identities and NeoFS for decentralized data storage.
At press time, the NEO crypto (Neo) price was trading at $15.75 with an intraday loss of 4.88%, indicating bullishness on the charts. It has a monthly return of 1.53% and 12.53% yearly. It has a market cap of $1.11 Billion. Indicators are bullish and demonstrate the Neo price will attain higher levels in upcoming sessions.
Over a week, NEO crypto has experienced an increase of approximately 4.39%. Moreover, the coin has grown by almost 1.53% in a month, and 11.01% in the last 3 months. It gave an outstanding return of 120.06% in the last 6 months and grew by 12.53% year to date.
Technical Analysis Of NEO Price
NEO crypto’s technical chart shows bulls’ presence. The price is above the main EMAs, highlighting an uptrend. Technical indicators also support the bullish sentiment as RSI is close to the optimistic zone of 50.54 and MACD has formed a bullish perspective with the green band. These signals demonstrate that the cryptocurrency could face even greater upward momentum in the coming weeks.
NEO Crypto Price vs Volume Analysis
The volume and price graph displayed that the trading volume has decreased in the last few days and the price has also declined. However, in the last few days, the price has recovered significantly. Hence, the price is expected to grow in the long term
Summary
NEO price prediction is bullish for the long term till it maintains the above key dynamic supports. It displayed a bullish momentum which further encouraged the conviction of investors. The technical analysis suggests that the Neo price is reversing upward and the bullish momentum might continue in the coming months.
Technical Levels
Support Level: $12.44.
Resistance Level: $19.19.
Disclaimer
It’s important to note that the views and opinions presented in this article are for informational purposes only and do not constitute financial, investment, or other advice. Investing in or trading stocks carries inherent risks, and readers should conduct their research before making any financial decisions.
Anurag is working as a fundamental writer for The Coin Republic since 2021. He likes to exercise his curious muscles and research deep into a topic. Though he covers various aspects of the crypto industry, he is quite passionate about the Web3, NFTs, Gaming, and Metaverse, and envisions them as the future of the (digital) economy. A reader & writer at heart, he calls himself an “average guitar player” and a fun footballer.
