- For the majority of the last 30 days, the NEO crypto has been trading in green.
- The NEO crypto is trading with multiple fiat currencies.
NEO is a blockchain platform fostering decentralized applications (dApps) and digital asset management via smart contracts, utilizing the Delegated Byzantine Fault Tolerance (dBFT) 2.0 consensus mechanism for speed and security.
Founded by Da Hongfei and Erik Zhang, NEO supports a smart economy with NEO and GAS tokens, aiming for enhanced scalability with NEO 3.0.
The Neo crypto was released on September 9, 2016, and hit its all-time high price of $195.95 on January 15, 2018. The volatility of the crypto is also high, resulting in 14.79%. The market cap dominance of the token is 0.05%.
The crypto’s market cap has shown an advance of 2.7% in the last 24 hours, resulting in a market cap value of $1.251B. That makes it the 93rd most prominent cryptocurrency in the world.
The trading volume of the crypto has also advanced by 49.2% in the last 24 hours, and the value of the traded volume is $86.746M. Also, the crypto’s volume/market cap ratio is 6.85%.
The circulating supply of the crypto is 70.538M NEO, and the total supply and the max supply of the crypto are the same, resulting in 100.0M NEO. Moreover, the fully diluted market cap of the crypto asset is $1.774B, and the cryptocurrency’s sentiment is bullish.
Neo Crypto Derivatives Analysis
The open interest in crypto has advanced by 5.2% in the last 24 hours, resulting in $32.62M. The derivatives trading volume has also advanced by 61%, and the long/short ratio of the crypto is 0.9113.
The long liquidation witnessed by the NEO crypto is worth $163.54K against the short liquidation of $6.3K.
The highest activity in the derivatives was witnessed on March 5th, 2024, when the crypto witnessed a long liquidation of $1.02M. Despite this, the shorts were worth only $27.67K.
Social Dominance Vs Social Volume
The social dominance and volume of the NEO crypto can be seen consistently declining over time. Despite this, the NEO crypto’s price is still trying to advance to higher levels.
NEO Crypto Technical Analysis
The NEO crypto trading price broke out of the consolidation range of 1.5 years a week ago. The current behavior of the price represents strong momentum, which might lead the price to higher levels.
The crypto’s price has broken out above crucial resistance and has breached the change of character to a bullish level.
NEO/USD Chart by TradingView
The 20, 50, and 200-day EMAs are trading in a golden cross followed by the trading price advancing above the same. The following behavior of the EMAs indicates the buyers’ presence in the crypto.
The ADX for the NEO crypto’s daily chart is trading at a level of 21.6 and is consolidating in a small range. If the ADX manages to sustain itself above the 20 level, following the trend’s strength, further price advances might be witnessed.
The Stochastic RSI has hit the chart’s oversold zone, indicating a higher probability of a price reversal to the bullish direction.
Summary
NEO cryptocurrency exhibits bullish signals with consistent trading in the green over the last month. Despite high volatility, it boasts a bullish sentiment. NEO’s breakout above a year-long consolidation range indicates strong momentum, supported by rising trading volumes and advancing technical indicators, including EMAs and Stochastic RSI.
Technical Levels:
- Support levels: $6.5 and $10.8
- Resistance levels: $29.7 and $48.50
Disclaimer
This article is for informational purposes only and does not provide any financial, investment, or other advice. The author or any people mentioned in this article are not responsible for any financial loss that may occur from investing in or trading. Please do your research before making any financial decisions.