NEO hits yearly high with 40% overnight surge

NEO, the native token of the blockchain-based platform Neo, surged 40% overnight to its highest price point within a year, securing a spot among today’s top-performing cryptocurrencies.

At the time of writing, NEO is trading at $21 with a 24-hour market volume of over $1 billion. Ranking at the 74th position in the top 100 crypto list, NEO approaches a market cap of $1.50 Billion.

NEO was founded as AntShares by Da Hongfei and Erik Zhang in 2014. It was rebranded to NEO in June 2017. The blockchain-based platform supports two native tokens, NEO and NEO Gas. The NEO project’s blockchain is designed to digitize identities and assets and use smart contracts to track and transfer ownership—a smart economy.

There were 50 million coins issued to project backers, and 15 million are held for contingencies. In addition, 20 million are being used to incentivize developers and 15 million for cross-investing in other projects. No other coins will be issued, but NEO is available on some exchanges.

NEO token price has made a strong bullish breakout in the past few days. It jumped above the crucial resistance point at $19.31, its highest swing on March 4th. This price also had its highest swing this year.

According to analyst predictions, NEO’s price has jumped above the crucial resistance point at $16.92, the highest point on March 29th. It has also moved above the 50-day and 25-day Weighted Moving Averages (WMA).

The analyst suspects that the token will retest the important support at $19.31 and then resume the bullish trend.

However, a break below this support level will signal that bears have prevailed, which could push it to $16.92. A move above the crucial resistance at $22.40 will point to more gains in the near term.