NEO is the best performing cryptocurrency amongst the top coins at the moment.
NEO, the native coin of the Neo ecosystem, is the best performing coin amongst the top 100 cryptocurrencies by market cap.
With the broader cryptocurrency market currently in a bearish trend, NEO is up by more than 9% over the past 24 hours. NEO’s rally comes as Bitcoin, Ether and other leading cryptocurrencies have lost more than 4% of their values so far today.
NEO has been rallying over the past few days thanks to the launch of N3, new NFT marketplaces and integration with China’s Blockchain-based Service Network. China’s BSN announced earlier this week that it would be using Neo’s blockchain.
This positive news has seen NEO rally by nearly 10% over the past 24 hours. The broader cryptocurrency market has been underperforming over the past few hours.
Bitcoin’s price dropped below the $40k level for the first time in more than two weeks while Ether is also trading below the $3,000 psychological level. The total cryptocurrency market currently stands around $1.8 trillion, down by more than $100 billion in the last 24 hours.
Key levels to watch
The NEO/USD 4-hour chart is the most bullish amongst the top 100 cryptocurrencies by market cap. The technical indicators show that NEO is performing excellently as it is currently trading at $26 per coin.
The MACD line has crossed the neutral zone and is now within the positive territory. The 14-day relative strength index of 58 shows that NEO could soon enter the overbought region if the rally continues.
NEO could break past the first major resistance level at $29.12 if the bears remain in control. However, NEO would need the support of the broader market if it should trade above the $35 resistance level.