Neo Enters the Matrix: NEO Set to Climb 25% With Next Update

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The NEO cryptocurrency shows signs of a bullish resurgence after trending downward since February 2023.

On July 6, Neo and OKX announced their partnership for the Neo APAC Hackathon. It runs from July to October 2023 and combines online and in-person events in six APAC cities.

Just wrapped up my first 'Neo APAC Hackathon' at Bangalore Gas Station 🚀 A fantastic experience diving into Neo and coding with tech enthusiasts. Thanks to https://t.co/yniFYxmlrr for hosting! #NeoHackathon #Tech #Blockchain #Web3 👩‍💻🌐 pic.twitter.com/nZfWZx7DXZ

— Rajan ➡ Starknet | Ethindia23 (@Aravinth_Rajan_) September 1, 2023

This initiative supports blockchain growth in the APAC region. OKX issued 5,000 exclusive NFTs for hackathon participants. They sold out fast and are now available for trading on the OKX NFT marketplace. Can NEO climb 25% with this update?

NEO is trading at $7.11, reflecting a 0.8% increase in the past 24 hours as of 3:16 a.m. EST. Its weekly performance shows a 0.7% gain.

NEO Price May Rebound on Short-Term Double Bottom Pattern

NEO/USDT Chart Analysis. Source: Tradingview.com

NEO has exhibited a downward trend, evident in the descending channel characterized by two lower lows and one lower high. However, within this falling channel, there appear to be two trading patterns.

First, NEO’s price encountered support at the $6.94 lower low of the channel, forming a double bottom pattern. This pattern typically signals a potential reversal from a bearish to a bullish trend.

As a result, short-term opportunities may arise for the bulls, with the possibility of encountering resistance at the upper boundary of the falling channel at $9.94. However, the formation of a descending triangle (indicated by the blue line and the upper channel line) may cause the bulls to face resistance along the upper trendline of the channel, potentially leading to a price decline towards the lower trendline of the falling channel at $4.04

The Relative Strength Index (RSI) supports the idea of a bullish move. The RSI shows a rebound from the oversold mark at 30 and is currently trading at 36. This indicates intense buying pressure and a move towards the neutral 50 mark.

The 50-day and 200-day moving averages trade above the current price at $8.16 and $9.94, respectively. This suggests that bearish momentum is still prevalent.

However, it’s essential to note that the longer-term picture remains bearish, primarily due to the descending triangle formation, with a key support level to watch at $4.04. Potential bullish moves need careful monitoring for possible reversals or resistance levels at $8.08 and $9.94.

Investors in NEO may also want to consider the upcoming conclusion of the SONIK coin’s presale phase as an opportunity for potentially high returns before the presale ends.

Sonik Coin (SONIK) Presale: Only 30 Hours Left

Sonik Coin is a newcomer in the meme coin market, rapidly gaining attention with its goal of reaching a $100 million market capitalization. The project offers early investors the potential for substantial gains due to its low initial market capitalization.

Bro, do you even $SONIK? 💨 pic.twitter.com/nyKFeXOYJR

— SONIK COIN (@Sonikcoin) September 3, 2023

With only 30 hours left until the conclusion of the current presale phase, Sonik Coin is set to be listed on major cryptocurrency exchanges soon, riding the meme coin wave with momentum from its presale. The token has raised over $1.265 million, targeting around $2.098 million.

Investors in the presale have a chance for significant upside gains, thanks to the low cost and fixed hard cap. The coin’s appeal lies in its staking feature, viral potential, and strong tokenomics, drawing attention from crypto analysts predicting growth to 100x.

SONIK Tokenomics

Sonik Coin’s tokenomics are robust, with a maximum supply of 299,792,458,000 tokens, mirroring Sonic the Hedgehog’s speed. During the presale, 50% of the supply is available at a fixed price of $0.000014 per token, making it accessible to early investors.

F**k diamonds, we've got $SONIK! 💎🚀

Hurry and join the #Presale today!
👉 https://t.co/s1fTdXDQCK pic.twitter.com/Cn4gV8Ufh8

— SONIK COIN (@Sonikcoin) September 3, 2023

Another 40% is allocated to the staking pool for long-term sustainability, while the remaining 10% ensures exchange liquidity.

While the project’s team remains anonymous, they have demonstrated commitment to legitimacy through a comprehensive audit by 0xGuard, which found no malicious intent or vulnerabilities, building confidence in its integrity.

SONIK Stake to Earn Strategy

Sonik Coin introduces a stake-to-earn mechanism to address the typical boom-and-bust cycle of meme coins. Encouraging token holders to stake their assets in the project’s pool incentivizes holding tokens and offers an attractive APY, estimated at 62%.

However, as more tokens enter the staking pool, the APY may naturally decrease, a standard feature of many staking protocols. The key to Sonik Coin’s long-term viability lies in its four-year locking period, which reduces the risk of sudden price fluctuations often associated with meme coins.

This innovative approach aligns with the project’s goal to establish a lasting presence in the crypto world, distinct from the typical boom-and-bust pattern of many meme coins.

Prospective investors are encouraged to act swiftly to secure $SONIK tokens before the presale concludes, anticipating their listing on Uniswap soon. They can easily swap their ETH or USDT for SONIK tokens by connecting their digital wallets to the SONIK website.