NEO (NEO) cryptocurrency is on the cusp of trading higher after underperforming for the better part of the year. The trading volume over the past 24 hour period is in the neighborhood of $250M USD, a testament of renewed trader’s interest.
NEO Increased Usage
One of the catalysts expected to offer support to the altcoin is an upcoming hackathon in Europe. Seems like there is still a wave of uncertainty for the kind of dApps that will come into being from the event. Regardless of the outcome, the event could have a substantial impact on NEO price.
In addition to the upcoming hackathon event, platforms adding support for the altcoin is another development fueling volume momentum. eTrackerWeb is the latest to join a growing list of platforms that have added support for NEO. The platform is to integrate support as it seeks to leverage the underlying blockchain.
Gaining exposure to more platforms is one of the developments poised to strengthen NEO prospects in the industry. Traction is always a good thing regardless of the number of people using a given platform. Chinese blockchain smart contract platforms are also working on an expansion of the NEO ecosystem. The developers have so far added smart contract assets CNEO and CGAS as part of the latest push to enhance utilization.
NEO Price Analysis
When it comes to price action, NEO faces an uphill battle to break and also maintain above the $16 USD mark, a critical resistance level. If it can stabilize above this critical resistance level, it could open the door for the altcoin to make a run for the $20 USD mark seen as the next substantial resistance level.
Likewise, on the downside, the cryptocurrency faces immediate support at the $13.68 USD level. A breach of the critical support level could open the door for short sellers to push the coin lower on a continuation of a bear trend.
While everything seems to be going okay for NEO, the upward momentum is yet to gather a serious pace. However, the same does not change the fact that a bullish uptrend could be continue brewing as it trades green today. An uptick in trading volume is a testament of traders taking note of recent developments.
All indications at the backdrop of recent developments are that the altcoin could finish on a high this year. However, it is similarly unlikely that the coin will make a run for this year’s record highs. NEO was trading at highs of $200 USD at the start of the year. The broader cryptocurrency sector coming under pressure saw the altcoin shed more than 60% in market value.
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