Originally launched through an ICO in 2016 by selling 50% of NEO coins for a value of $4.65 million. The remaining 50% were locked in for facilitating smart contracts. At its core, NEO is attempting to scale smart contracts on its blockchain network.
NEO price has fallen from its all-time high levels of $140 on May 07, 2021, to the recent lows of $25. A delay of more than 80% of its valuation has made NEO one of the worst-hit cryptocurrencies. Trading with a renewed investor interest has helped NEO scale from its lows of $25 towards $35 in less than six days.
NEO Price Approaches $38 Resistance
A sudden spike in volumes is the prime highlight at this crypto counter. As Neo moves towards the immediate resistance at $38, investors should watch out for a breakout pattern. The reason being the rise of RSI above neutral levels for the first time since its fall in the month of May. NEO has even managed to breach the downside trend line and is trading with consolidated green candles.
On an indicative basis, trading above the 30 day simple moving average line of Bollinger bands shows its potential to touch the upper band, which is currently shrinking. As the Bollinger bands start to expand, NEO will be attempting to trade above its upper band. A movement towards lower bands should be considered as a profit booking.
