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NEO emerged as the biggest gainer among the many prime 100 cryptocurrencies by market cap previously 24 hours. At the time of writing, NEO has been buying and selling at $10.75 whereas managing $106.2 million in quantity, in keeping with Coinmarketcap.

The 59th largest crypto, with a market cap of $760.2 million, can be one of many top-performing cash previously week, with greater than 14% good points.

NEO Experiences A Resurgence In 2023

Much like the remainder of the crypto market, after the brutal 2022, NEO value surged in worth in 2023 to almost $15 in direction of the tip of February, solely to drop beneath $10 within the second week of March. Over the subsequent month, the value of NEO went upwards earlier than topping at simply above $13.50. And final week, NEO went again to round $9 earlier than it began gaining traction this week.

While the precise causes behind NEO’s present surge usually are not clear, it’s value contemplating the latest developments within the mission. NEO has not too long ago made a big foray into the sector of synthetic intelligence (AI). As AI fever has gone mainstream and permeated the crypto trade, NEO’s integration of AI has sparked pleasure and potentialities. 

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This convergence of two quickly evolving fields has the potential to introduce developments in algorithmic buying and selling, predictive fashions, forecasting instruments, and enhanced safety and fraud detection. However, it’s value noting that many crypto initiatives are leveraging the AI development with out substantial implementation or real worth, which is a development noticed throughout varied sectors because of the present hype surrounding AI applied sciences.

In the case of NEO, the mission not too long ago introduced the winners of its NeoChat ChatGPT launch competitors. This funding in AI is probably going one of many contributing elements to the latest spike in NEO’s value.

While up 61% in 2023 thus far, NEO continues to be down a whopping 95% from its all-time excessive (ATH) of virtually $200 that was hit in Jan. 2018.

NEO Price Analysis 

The newest NEO value evaluation exhibits the dominance of inexperienced candlesticks with slight resistance from the pink ones. Yet, the most recent chart exhibits bullish momentum, with the value approaching $10.88 for the second day right now. The common of Bollinger bands is about at $10.07 on the time of writing.

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The short-term development line and SMA 20 curve are upward, indicating a bullish uphold. The shifting common indicator shows a worth of $10.83, the very best worth achieved previously 24 hours.

From the given NEO value evaluation, the bulls are taking on the cryptocurrency with a steep rise in value. This rise might take the present value ranges and attain a brand new excessive above the $10.90 resistance. The RSI rating detected from the hourly chart is 71, which has crossed the overbought threshold set for the coin worth.

This affirms the upcoming rise within the value of the assist degree additionally continues to extend. The resistance degree at $11.29 will be challenged if the shopping for momentum stays persistent.

-Featured picture from iStcok.com, charts from Coingecko and Tradingview