NEO Price Analysis: Will NEO go up?
NEO is a powerful software platform designed for creating and using decentralized apps (dApps) across various areas like social media, prediction markets, and finance. It’s often compared to Ethereum for its smart contract capabilities.
Neo offers features like decentralized file storage, oracle systems for off-chain data use, and solutions for decentralized identity.
With Neo’s smart contracts, users can easily handle a variety of assets and connect real-world assets to on-chain tokens. Neo stands out for its focus on following rules, requiring all users to verify their identity. Keep track of NEO’s price on platforms like Binance for real-time updates.
The current price of Neo
Currently, Neo is valued at $11.49 per NEO in USD, with a total market capitalization of $810.60 million. The 24-hour trading volume stands at $33.85 million. Keep track of the real-time NEO to USD price updates. Over the last 24 hours, Neo has shown a positive movement of +2.57%, and it boasts a circulating supply of 70.54 million.
Price History and Performance
The all-time high for NEO is $198.38, reached on Jan 15, 2018, almost 6 years ago. Currently, the price is -93.75% lower than this peak.
On the other hand, the all-time low for NEO was $0.078349, recorded on Oct 21, 2016, about 7 years ago. In comparison, the current price is 15,717.27% higher than this historical low.
Over the last 7 days, NEO has shown a notable price increase of 11.00%, surpassing the overall global cryptocurrency market’s growth of 4.00%. Furthermore, NEO has outperformed similar Smart Contract Platform cryptocurrencies, which have seen an increase of 3.40%.
Neo’s Gas surges 182%
Neo, often called the “Chinese Ethereum,” is seeing GAS prices go up. GAS is the fuel for transactions on its blockchain. This rise comes as Neo is about to launch a sidechain compatible with Ethereum Virtual Machine (EVM), making it work better with other platforms and catching investors’ attention.
People are excited about GAS being more useful, especially since it’s needed for everything on the upcoming sidechain. Upbit, a Korean exchange, noticed a lot of GAS being collected, leading to speculation and higher prices.
Even though more people using GAS could be good for Neo, there’s a concern because the two tokens, Neo and GAS, have recently moved in different directions. This makes us question if the increased utility will last. This shift in focus makes us take a closer look at how Neo is doing compared to other blockchain technologies.
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How does Neo network work use case of it.
Neo works using a special technology called Delegated Byzantine Fault Tolerance (dBFT). This helps keep untrustworthy participants away from the blockchain’s operations. Erik Zhang, one of Neo’s co-founders, created this technology specifically for the Neo blockchain.
Neo is always improving to meet future needs. They recently launched Neo 3.0, a big upgrade that makes the network more secure and allows it to handle more transactions per second. This constant development makes Neo a flexible and innovative player in the world of blockchain.
Neo aims to be the foundation for the upcoming internet era and a new economy, where digital payments, identities, and assets converge seamlessly. Through the EcoBoost initiative, Neo encourages the creation of decentralized apps and smart contracts on its blockchain. The platform operates with two native tokens, NEO and GAS, each serving a specific purpose. NEO allows users to engage in voting for blockchain improvements, while GAS is utilized to cover transaction costs. This structure aligns with Neo’s vision of establishing an efficient and decentralized digital ecosystem.
Technical analysis of Neo
On the weekly timeframe level, the price action of $NEO Bounced back from its Horizontal Support level and broke out the resistance level as well as reclaimed it as a Support level Currently, the price action is filling out the Imbalances which the price action has left out The timeframe is macro so we can expect the potential movement towards upward
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Moving Average Analysis
1. Four-Hour Time Frame
- Neo is currently showing a bullish trend.
- The 50-day moving average is sloping upward, indicating positive momentum.
- The 200-day moving average has been on an upward slope, signaling a strong and sustained trend.
2. Neo Price Prediction (Four-Hour)
- Given the bullish trends of both the 50-day and 200-day moving averages, a Neo price prediction for the four-hour time frame would be bearish.
Relative Strength Index (RSI) Analysis
1. Current RSI Status:
- The RSI is presently above the 30-70 neutral zone.
- This suggests the price is trending in an overbought state, indicating potential for sustained upward movement.
- The RSI has remained in this overbought state for a while.
2. Divergence Analysis (Last 14 Candles)
- There is currently no bearish or bullish divergence within the last 14 candles.
- The absence of divergence signals no indication for a price reversal from the current levels.
Neo Price Prediction 2023
As per technical analysis, Neo prices in 2023 are expected to range:
Minimum: $10.74
Maximum: $11.53
Average: $12.31
Predicted Return on Investment (ROI): 1.8%
Neo Price Forecast for December 2023
Experts anticipate Neo’s performance in December 2023 as follows
Average NEO rate: $11.53
Expected range: $10.74 to $12.31
Predicted Return on Investment (ROI) 8.6%
Ending Note
Neo aims to be a cornerstone for the future internet and economy. Through the EcoBoost initiative, it encourages decentralised app and smart contract development using its native tokens, NEO and GAS.
Neo is a leader in blockchain innovation, with strategic moves shaping the future of decentralised applications and digital economies. For wise investment decisions in the dynamic cryptocurrency world, research and staying updated on market trends are crucial.
