In a remarkable turn of events, NEO, the native token of the Neo blockchain platform, has experienced an astounding 40% surge overnight, reaching its highest price level in over a year. This surge has propelled NEO into the ranks of today’s top-performing cryptocurrencies.
As of the latest update, NEO is trading at $21, accompanied by a staggering 24-hour market volume exceeding $1 billion. Positioned at the 74th spot in the top 100 cryptocurrency list, NEO is swiftly approaching a market capitalization of $1.50 billion.
Originally established as AntShares in 2014 by Da Hongfei and Erik Zhang, the platform underwent a rebranding to NEO in June 2017. NEO operates on a blockchain-based platform that supports two native tokens: NEO and NEO Gas. Its primary objective is to digitize identities and assets while employing smart contracts to facilitate the tracking and transfer of ownership, thereby fostering a smart economy.
With 50 million coins issued to project backers and various allocations for contingencies, developer incentives, and cross-investing in other projects, the NEO ecosystem boasts a carefully structured token distribution. No additional coins will be issued beyond the existing allocation, although NEO remains available for trading on select exchanges.
NEO’s recent price surge marks a significant bullish breakout, with the token surpassing key resistance levels, including the crucial point at $19.31, previously established as its highest swing on March 4th. This surge also represents NEO’s highest price level this year.
Analysts foresee further bullish momentum for NEO, as it has breached the critical resistance point at $16.92, its peak on March 29th, and surged above both the 50-day and 25-day Weighted Moving Averages (WMA).
Analysts anticipate a potential retest of the crucial support level at $19.31, followed by a continuation of the bullish trend. However, a breach below this support level could signal a shift in momentum, potentially driving NEO down to $16.92. Conversely, a sustained move above the significant resistance at $22.40 would likely indicate further gains in the near future.
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