With the positivism that we have been experiencing this week in the crypto market, thanks to the rally that Bitcoin has been making, several participants of the ecosystem have gone further, even surpassing previous annual peaks. NEO is one of those, capable of hitting an annual high of $ 24.32 today.
At the time of this writing the price of NEO is $ 23.72, and there are still no signs that it will curb the bullish momentum anytime soon.
NEO’s bullish trend is reaffirmed with today’s annual high
With an ROI (return on investment) above 9000%, it is more than clear that the historical trend of the price of NEO is totally bullish.
Thanks to the gains that have been made throughout the crypto market in recent months, the medium-term trend is also solidly bullish, and with today’s behavior it seems that the start of a new momentum is being confirmed.
It took a single week of pullback for the bulls to regain control in NEO, and today with continued resistance breaks we can be sure that the short-term trend is also bullish.
With everything lined up, there isn’t much of a problem for the bulls in the next few days.
The key level that had held back NEO’s price before hitting the recent yearly high is at $ 22.9.
Now with the behavior we are witnessing going over this barrier, the ground will be clear until $ 39,045. Always keeping in mind that along the way we may see totally healthy setbacks for a sustained increase.
NEO within the DeFi
NEO is listed in the ecosystem as Chinese Ethereum, and this is not so far from reality, as it is capable of offering smart contracts, a platform available for DApps and highly scalable.
Thanks to these qualities, some DeFi projects use their network to carry out their functions. The most relevant is the nascent flamingo.finance, a protocol that introduces interoperability in blockchain networks and their corresponding assets.
NEO’s recent jump is likely in part driven by the bullish resumption of the decentralized finance ecosystem.
If this network continues to advance in the DeFi ecosystem, it will have another point in favor for the price of its native token to continue increasing.
What do you think?. Does NEO have much ground to cover? Is it about to mark a new annual high? Let us know your opinion in the comments!