NEO uses a smart economy approach to implement its distributed network concept. Its main objective is to digitize assets using the decentralized network of blockchain technology and digital identity.
Neo's main aim is to be the distributed network for “smart economy”. As their website states: "Digital Assets + Digital Identity + Smart Contract = Smart Economy." Neo was developed by Shanghai-based blockchain R&D company “OnChain” and funded by two crowdsales: first crowdsale on October 2015 sold 17.5 million NEO tokens for $550,000 and the second crowdsale sold the remaining 22.5 million NEO tokens for $4.5 million.
According to the analyst, Neo price spikes above $23.74 could continue its upward move.
On the daily chart of the altcoin, it can be seen that the price has not made a new low. Failure of the price to exceed the downtrend at the top may cause a pullback. Against the downward movement of the price, the $19.11-18.59 range acts as support. Continuing the upward movement will cause 26.09 resistance to be retested.
A closer examination of the daily chart shows that the NEO price is stuck at $23.74. Increasing purchases in the current region may cause the price to test the $23.74-24.34 range. Price movements over this region may cause the downtrend to be broken. If it is above the downtrend, $27.39 will act as resistance.
Against the downward price movements, the $21.76-21.28 range acts as a support. The uptrend zone will be tested if the bears put pressure on the market. In case of breaking below the uptrend, it is normal for the price to fall back to the support zone in the 17.77-17.05 range.
Support points: 21.76 – 21.28 – 17.77 – 17.05
Resistance points: 23.74 – 24.34 – 27.39
It can be said that the falling trend break has occurred on the 4-hour chart of the altcoin. It is normal for the price to test the region where it broke down.
Against the downside price movements, the $22.20 level will act as support. Falling below this level will cause a retest of the $21.55-21.31 range. In case of falling below this region, it is likely that the price will regress to the $19.74-19.60 range again, as it will follow the downward trend.
Buying pressure from the bulls in the current region may cause the price to rise above the $23.74 resistance. Against the continuation of the uptrend, the $24.67 level will act as resistance. With the breakout above this region, the $25.54-26.01 range can be tested.
Support points: 22.20 – 21.55 – 21.31 – 19.74 – 19.60
Resistance points: 23.74 – 24.67 – 25.54 – 26.01
NEO Price and Market Data
NEO price is $22.69 at time of writing and a 24-hour trading volume is $292,276,667. NEO price has increased by 5.7% in the last 24 hours. There is a supply of 71 Million NEO coins in circulation, with a total supply of 100 Million coins. BKEX is currently the most active market for NEO trading.