NEO, the proprietary token of the blockchain-based Neo platform, has experienced a staggering 40% surge overnight. This marks its highest price point within the past year and firmly establishes it among today’s standout cryptocurrencies.
As of the latest update, NEO is currently trading at $21, boasting a 24-hour market volume exceeding $1 billion.
Positioned at the 74th spot in the top 100 crypto rankings, NEO is on the verge of reaching a market capitalization of $1.50 billion.
Originally founded as AntShares by Da Hongfei and Erik Zhang in 2014, the platform rebranded in June 2017, transitioning to its current identity as NEO.
Operating on the principles of digitizing identities and assets, NEO employs smart contracts to facilitate the tracking and transfer of ownership, essentially fostering what is referred to as a “smart economy.”
With 50 million coins initially issued to project backers and allocations set aside for various purposes including contingencies, developer incentives, and cross-investments, NEO maintains a finite supply, although it remains tradable on select exchanges.
Recent market dynamics have seen NEO’s token price experiencing a robust bullish breakout in recent days, surging past key resistance levels, including the critical threshold at $19.31, representing its highest point since March 4th and the pinnacle of its performance this year.
Analysts anticipate further bullish momentum as NEO’s price surpasses significant resistance levels, notably breaching both the 50-day and 25-day Weighted Moving Averages (WMA).
Projections suggest potential retesting of vital support levels, particularly at $19.31, with a favourable outlook pointing towards continuing the upward trend.
Nevertheless, a breach below of established support levels could signal bearish dominance, potentially leading to retracement towards $16.92.
Conversely, a sustained breakthrough above the crucial resistance barrier at $22.40 could herald further gains in the foreseeable future, highlighting NEO’s continued prominence within the cryptocurrency landscape.