The $NEO crypto asset has seen a notable 15% price increase in the past week, making it one of the top web3 Coin performers in the market.
The protocol positions itself as an open-source platform with the goal of being the foundation for the future Internet, offering digital payments, identities, and assets.
However, another cryptocurrency, $ECOTERRA, is gaining attention for its superior utility solutions and potential for a 20x value increase.
Ecoterra, an eco-friendly project, incorporates unique concepts and has a smaller market capitalization, making it a potentially lucrative investment with long-term viability.
$NEO Rides the Crypto Market Bullish Wave
At the time of writing, NEO’s price is at $10.72 with a trading volume of $109 million, signifying a surge of 6.89% in the last day.
Based on technical charts, the digital asset is on a bullish streak. NEO’s current price trades above its 50-day simple moving average (SMA) value of $10.44 for the short term. However, the asset falls way below its long-term 200-day SMA value of $12.79.
NEO’s price movement has just broken through the resistance at the 38.2% Fibonacci retracement level of $10.70.
A continuation of bullish sentiment will see the asset race towards the 50% Fibonacci retracement level of $11.82.
The digital asset moving average convergence and divergence (MACD) reflects a strong buy signal, while the relative strength index (RSI) value of 58.38 indicates that NEO is currently underbought.
Neo is a blockchain platform that is open-source and driven by a community of developers. It provides a way for developers to convert assets into digital form and automate their management through smart contracts.
Furthermore, Neo offers a robust infrastructure for the next generation of the internet, which includes decentralized storage, oracles, and domain name services.
The protocol was initially introduced in February 2014, but the release of Neo N3 in 2021 represents a significant milestone in Neo’s journey toward decentralization.
With N3, owners of NEO have the ability to select council members and consensus nodes, which are responsible for controlling important blockchain parameters and maintaining the Neo network’s operation.
The network utilizes two native tokens, namely NEO and GAS. NEO is primarily used for network governance, while GAS is employed for transaction fees, deploying smart contracts, and making purchases within decentralized applications (dApps)
In a recent development, the Neo blockchain platform has partnered with Alchemy Pay to simplify entry and exit from the Neo ecosystem.