NEO, the native token of the blockchain-based platform Neo, has experienced a significant surge of 40% overnight, reaching its highest price point in a year and establishing itself as one of the top-performing cryptocurrencies today.

As of the latest data, NEO is currently trading at $21 with a 24-hour market volume exceeding $1 billion. It holds the 74th position in the top 100 crypto list, with a market cap approaching $1.50 billion.

NEO 24-hour price chart | Source: CoinMarketCap

Originally known as AntShares, NEO was founded by Da Hongfei and Erik Zhang in 2014 before being rebranded to NEO in June 2017. The platform supports two native tokens, NEO and NEO Gas, and aims to digitize identities and assets through smart contracts for a smart economy.

With 50 million coins issued to project backers, NEO has allocated 15 million for contingencies, 20 million for developer incentives, and another 15 million for cross-investing in other projects. While no additional coins will be issued, NEO is available for trading on various exchanges.

The NEO token price has recently demonstrated a strong bullish breakout, surpassing key resistance levels at $19.31 and achieving its highest swing on March 4th. Analysts suggest that NEO’s price has also exceeded the crucial resistance point at $16.92, the highest level recorded on March 29th, while moving above the 50-day and 25-day Weighted Moving Averages (WMA).

Analysts anticipate a potential retest of the important support at $19.31 before resuming the bullish trend. However, a break below this support level may indicate bearish dominance, potentially leading to a decline to $16.92. On the other hand, a move above the key resistance at $22.40 could signal further gains in the short term.

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