NEO price is under pressure as the rest of the cryptocurrency industry struggles. Neo is trading at $ 33.63, which is more than 76% below its year-to-date high. It is still around 33% above the May low. It has a market capitalization of more than $ 2.3 billion and is the 40th largest cryptocurrency in the world.
What is neo Neo is one of the oldest blockchain projects in the world. It was founded in 2014 and has grown a lot. It was founded by Da Hongfei and was the first project to return all of the funds it raised from investors when it became self-sustaining. It also made history as the first major smart contract platform from China.
Neo recently made headlines when it migrated to the N3 mainnet, which was an updated version of the original code. N3 has multiple features like an integrated Oracle, a decentralized NeoID identity protocol, Neo Name Service, an on-chain governance protocol and a simplified architecture.
While Neo has made some strides, the Neo Prize faced the same challenge as most blockchain projects. For one thing, the price has come down as investors respond to weak investor demand. It has also responded to ongoing crackdown in China and the relatively restrictive FOMC.
Neo price prediction
The weekly chart shows that NEO price has struggled lately since hitting its year-to-date high in May. The recent N3 upgrade didn’t provide a catalyst for the coin. However, a closer look at the diagram shows that Neo forms what looks like a cup and handle pattern.
Indeed, the current decline is part of that pattern. Although it has already fallen below the 50-period moving average, there is a chance it will rebound if the bulls attempt to hit the all-time high of $ 165.32. However, falling below the USD 25 support means there are more bears in the market.
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NEO diagram
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