NEO Token up 10% in last 24 hours, reason unknown

NEO has been the cryptocurrency with the largest gains among the top 100 coins by market cap in the last 24 hours. As reported by Coinmarketcap, NEO is currently trading at $10.75 and has a volume worth $106.2 million. It is the 59th largest cryptocurrency and has a market cap of $760.2 million. Over the past week, it has gained more than 14%.

NEO Experiences A Resurgence In 2023

NEO’s price surged in 2023 to nearly $15 in February, after the brutal 2022. However, it dropped under $10 in the second week of March, before going upwards again and topping at just above $13.50. Last week, NEO went back to around $9 before it started gaining traction again this week.

NEO has experienced a positive rise in the past seven days: source @ Coingecko

While the exact reasons behind NEO’s current surge are not clear, it is worth considering the recent developments in the project. NEO has recently made a significant foray into the field of artificial intelligence (AI). This convergence of two rapidly evolving fields has the potential to introduce advancements in algorithmic trading, predictive models, forecasting tools, and enhanced security and fraud detection. However, it is worth noting that many crypto projects are leveraging the AI trend without substantial implementation or genuine value.

NEO recently announced the winners of its NeoChat ChatGPT launch competition, which is likely one of the contributing factors to the recent spike in NEO’s price.

NEO is up 61% in 2023 so far, but it is still down 95% from its all-time high (ATH) of almost $200 that was hit in January 2018.

NEO Price Analysis

The latest NEO price analysis shows bullish momentum, with the price approaching $10.88 for the second day today. The moving average indicator displays a value of $10.83, the highest value achieved in the past 24 hours. The bulls are taking over the cryptocurrency with a steep rise in price. This rise may take the current price levels and reach a new high above the $10.90 resistance.

Neo charts point to a bullish trend: source @ Tradingview

The RSI score detected from the hourly chart is 71, which has crossed the overbought threshold set for the coin value. This affirms the upcoming rise in the price of the support level also continues to increase. The resistance level at $11.29 can be challenged if the buying momentum remains persistent.

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