NEO Price Breaks Out, Posts 25-Week High to $10.70
• NEO outperforms Bitcoin off the back of news the project is moving into Web3 gaming in a big way.
• A strong performance sees NEO touch $10.73 for the first time since August 2022.
• The token has continued to run as Bitcoin and the broader market has lost momentum.
YTD Gains at the Top of Current Daily Wick
The chart below shows that since the start of the new year, NEO’s price performance has largely matched that of market leader Bitcoin. However, a noticeable difference lies in NEO’s continuation of form; from Feb 02, BTC topped out at $24,296 to record YTD gains of 46% at that point, yet NEO has continued to run as Bitcoin and the broader market have lost momentum. A 23% upside swing on Feb 09 saw the token break $9.18 resistance established in early November 2022 just before FTX’s collapse; YTD gains at the top of current daily wick come in at 75%. However, a spill in early hours (GMT) has recorded a long bottom wick combined with a firm rejection at 10.73 to print a “Darth Maul” candle (aka high wave spinning top), suggesting prior uptrend has hit point of indecision.
NEO Global Development Program
On Feb 07 NEO announced partnering with “FindTruman” – a Web3 game that brings “a first-person immersion style” story format – enabling governance rights and staking rewards via its FTG token with plans to integrate AR/VR technology too. FindTruman creators want game creators & players to get fairer share of gaming ecosystem they contribute & develop; they see Web3 & blockchain as path to fulfilling ambition & was incubated through NEO’s EcoBoost Program providing $200 million worth funding for small/medium projects developing on N3 Blockchain platform.
In conclusion, NEO’s price continues to perform well despite other cryptos faltering slightly this week due partially thanks to their global development program and partnership with FindTruman which is aiming to bring fairer shares for gamers within their own ecosystems through Web 3 technologies and blockchain integration allowing users access more control over their data usage within these systems. This could be an interesting trend going forward for crypto investors so it will be interesting how NEO continues performing against other cryptos later down this year!
Samuel Wan is an analyst at CryptoSlate who is relatively new to cryptocurrency but keen on making up for lost time having bought his first bitcoin in 2017! He believes strongly in individual autonomy and personal freedom which ties into his analysis on why he believes NEO will continue its upward trajectory throughout 2021!