NEO (COIN: $NEO) is an open-source smart contract blockchain founded in 2014 by Da Hongfei and Erik Zhang and launched in October 2016 with the NEO native token. Due to its capabilities similar to those of the Ethereum network, it has been dubbed the “Chinese Ethereum.”
Neo allows crypto developers to digitize and automate assets by leveraging smart contracts, making them more manageable. It has innovative infrastructures for the users, such as oracles, decentralized storage, and a strong foundation for the Next-Gen Internet.
NEO’ Recovery After Prolonged Bearish Season
The token surged significantly by over 40% on April 8, 2024, reaching a high of $22.41. Before the recent surge, NEO had faced resistance at $14, stagnating there since April 2022. It had made numerous unsuccessful breakout attempts before it finally broke through. As of Tuesday, April 9, NEO had experienced a minor correction, with the price at $19.59 as of 2:44 PM in New York.
Its bullish momentum could be due to Bitcoin’s halving, which will occur around April 19, as investors seek gains from promising altcoins. NEO also unveiled a monthly development report earlier this month for the implementation of MEV resistance.
NEO Founder DA Hongfei shared some updates in his blog on Medium, where he stated, “Both technical and governance considerations have driven the decision to implement MEV resistance in new Neo X. With this step, we aim to inspire insightful introspection and discussions within our community about the persistent issue of MEV.”
A toxic MEV acts as a type of censorship that undermines the blockchain’s security, openness, and decentralization. In short, an MEV is a maximal extractable value protocol that allows miners to boost their earning potential via transaction manipulation.
In some cases, it can be utilized for MEV attacks, where miners intentionally place transactions in front of end users to prevent the publication of complete blocks. The result is an ecosystem that is less friendly to ordinary users.
.The token’s recent performance signals that it has overcome its poor performance over the last few years. All technical indicators, such as Squeeze Momentum, signal bullish momentum, with analysts forecasting $30 at the end of this week if it breaks past the new $22 resistance point. Additionally, its weekly RIS movement is similar to that seen in 2020, which marked the start of an upward trend.
Token Performance
At the time of writing, $NEO is trading at $19.59, down by 0.68% in the past 24 hours after touching $22 in the morning. It could retest its resistance of $22 and rise to $30 this week. The market cap is $1.4 billion with a 24-hour trading volume of $736 million, a 23.81 increase. Its total supply is 100 million, and 70.5 million tokens are circulating. Despite the recent surge, NEO is still trading at a 90.03% discount to its all-time high of $196.85, achieved on January 15, 2018.
Should You Invest in NEO?
$NEO is currently bullish, and analysts suggest it could reach the $30 mark this week. Consequently, there is potentially room for upward movement this week, heading into the Bitcoin halving.
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