Recently, in May 2022 after reaching a year low, the Relative Strength Index (RSI) has turned positive for Neo blockchain but the price of the blockchain has been increased very minimally. Statistics are suggesting despite decreased transaction volumes, the asynchronous relationship between NEO’s RSI curve and price movement validates increased purchasing sentiment. Volumes have decreased by 15% during the previous 24 hours and the pattern suggests a greater sell-off possible in the near term.
The sooner NEO is capable of delivering new features and projects, the higher the price appreciation of the NEO coin. The shrinking Bollinger Bands for the NEO signal a likely breakout, after which this disastrous price movement implies a bullish trend. Even NEO’s 100 Days Moving Average curve is just 50% above the most recent trading levels. A slow rise in the Bollinger Bands curve is suggesting that a breakout might draw additional buyers into the market. Bollinger Bands curve measure volatility in the market and suggest an asset is overbought or oversold.
Price movement in NEO token
As per statistics, NEO blockchain is currently valued at $852,773,263 and has a circulating supply of 70 million tokens out of a total supply of 100 million tokens. NEO is now worth $12.2, up from $8 in May 2022. In September 2021, NEO received rejections near $60 and dropped straight to the $20 threshold.
About Neo Blockchain
Neo is one of the first well-known blockchain networks which is still in operation mode. Neo was founded in 2014 originally as Antshares with the objective of implementing this technology for real-world usage, and it is on pace to execute according to their blueprint. In 2017 it was renamed as NIU.
NEO distinguishes itself by highlighting its native qualities and emphasising promoting itself as a smart economy network. The blockchain that it offers is more accurate and complete reflection of the actual world.
The blockchain operates on a dual token basis, with the NEO serving as an investment token with governance and voting rights. In contrast, the GAS token is used to pay the upfront gas costs for transactions conducted within its network.
The NEO blockchain employs the delegated Byzantine Fault Tolerance algorithm. NEO has recently transitioned to a totally new blockchain version with architectural improvements. They built a totally new blockchain and are in the midst of moving all of the apps and assets over.
