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Neo Price Prediction as Network Growth Continues

Neo Price Prediction as Network Growth Continues

Last updated 29th Jun 2022
Disclosure
  • Neo is a leading smart contract platform valued at $930 million.
  • It was recently added to Binance Neo to its staking product.

Neo price has made a strong recovery in the past few days as investors cheer the latest network upgrade. The coin is trading at $12.94, which is the highest it has been since May 11th this year. It has risen by more than 60% from its lowest level in May. Its market cap has risen to more than $930 million, which is the 70th biggest cryptocurrency in the world.

Why is Neo rising?

Neo is a leading blockchain project that helps developers build decentralized applications (dApps) such as in DeFi and non-fungible tokens (NFT) industry.

The developers recently launched the third version of its network. This upgrade allows all users to benefit from faster performance, simplicity of users, and improved economics.

In the past few years, the number of dApps in Neo’s ecosystem has been growing. Some of the most notable dApps in the ecosystem are Props, Humswap, PolyNetwork, and Dogeraft. According to DeFi Llama, the network has a total value locked (TVL) of over $74 million.

The Neo price is rising after the developers launched the Neo-CLI v3.3.0 testnet and mainnet. The new upgrade brought new features like putting the plugin in a separate directory, snapshot isolation, deserialization and storage key optimization.

Here’s how to buy Neo.

Meanwhile, data by the platform’s explorer shows that the number of Neo N3 transactions rose by over 30% to 824,966 in the past 7 days. In the same period, Neo legacy jumped by 10%. Neo 3 transactions rose by 347 to 51,255 in the past few days.

Another reason why the Neo price is rising is that Neo staking went live on Binance last week. This means that people can make money by just holding Neo in Binance.

Neo price prediction

The four-hour chart shows that the Neo price has been in a strong recovery in the past few weeks. The coin has managed to move above the important resistance level at $12.708, which was the highest level on May 23rd.

Neo has also moved above the 25-day and 50-day moving averages, which is a bullish signal. The MACD has moved above the neutral level. Therefore, the coin will likely keep rising as bulls target the next key resistance at $15. A drop below the support at $12.70 will invalidate the bearish view.

Crispus Nyaga

Crispus Nyaga

Crispus is a financial analyst with over 9 years in the industry. He covers cryptocurrencies, forex, equities, and commodities for some of the leading brands. He is also a passionate trader who operates his family account. Crispus lives in Nairobi with his wife and son.