NEO Price Analysis: NEO Rises 25% as Bullish Momentum Returns
Neo, an open-source software network, is a robust platform enabling decentralized trade and production of goods and services.
Often referred to as the ‘Ethereum of China’, Neo shares numerous similarities with its widely recognized counterpart, Ethereum. Its functionalities encompass the creation of decentralized operations for exchanges, prediction requests, and social networks.
Additionally, Neo offers users a decentralized transit system, identity system, and oracle system for accessing external information, such as price data. The consensus mechanism of Neo operates on a decentralized governance system known as dBFT’.
NEO price has increased today
The current price of Neo stands at USD 9.72, accompanied by a 24-hour trading volume of USD 97,057,978. With a notable increase of USD 2.27 in the past 24 hours, Neo presently holds the 62nd position in terms of market ranking. Its live market capitalization is estimated at $685,644,563 USD. Neo boasts a circulating supply of 70,538,831 coins, with a maximum supply capped at 100,000,000 coins.
Market analysis and price prediction
It looks like the price has broken out of the Descending Triangle, and it’s now close to the 200-day moving average and the horizontal resistance area.
But it’s still very overbought, so it’s likely to pause here for a bit on profit-taking. The MACD line is above the MACD Signal Line, and the RSI is bullish but overbought.
If it reaches the resistance, it could pause or pull back for a bit. The nearest support zone is around $6.80 and the nearest resistance zone is around $9.00.
In a daily time frame, the price is falling from the medium supply zone. A downward movement is expected from here. if the candle closes above the supply zone. then it can go further upward.
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Price prediction
Based on the price fluctuations of Neo at the beginning of 2023, crypto experts expect the average NEO rate of $9.38 in November 2023.
Its minimum and maximum prices can be expected at $8.77 and $10.00, respectively.
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Price History
The highest single-day price for Neo (NEO) was recorded on January 15, 2018, approximately six years ago, at a price of $198.38. The current price is significantly lower than the previous all-time high, at -95.11%.
The lowest price for the cryptocurrency, Neo, was recorded on October 21, 2016, approximately seven years ago. Since then, the price of Neo has increased significantly, currently standing at USD 12,293, which is a whopping 90% above the previous record low price of USD 0,078349.
News
- Neo’s Strategic Move Towards Ethereum Compatibility with Sidechain Integration
- Neo is working on a sidechain that will support Ethereum-based decentralized applications (dapps) and work seamlessly with Neo’s N3 mainnet, according to developer Da Hongfei, who made the announcement at an event in Hong Kong.
- A testnet is planned for the end of the year, and the mainnet will follow at a later date.
- NEO Price Surges: Creator Reveals Plans for Ethereum-Compatible Sidechain.
- Da Hongfei, the founder of NEO, has announced plans to create a sidechain that can work with Ethereum, which has caused a huge spike in the price of NEO tokens on Binance – up 8% in just one day!
- This could be a huge win for everyone involved, as it could help make the system more efficient and faster.
Conclusion
Neo is continuing to make waves as one of the top open-source platforms for decentralized trading and services. It has some unique similarities to Ethereum and has made a move towards being compatible with Ethereum through sidechain integration. This shows that Neo is really focused on improving its features and market presence. With the cryptocurrency market constantly changing, Neo is set to keep growing and getting more and more adopted in the decentralized application space.
