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The Neo price soared 27% to trade for $19.92% as of Monday, 01:03 a.m. EST time.
It comes amid a comeback for the Bitcoin (BTC) price after a flash crypto crash at the weekend. The reaction shown by the Neo price after the BTC price rose in the past 24 hours has earned NEO a position among the top gainers on some trading platforms.
1️⃣ @Slerfsol $SLERF
2️⃣ @Neo_Blockchain $NEO
3️⃣ @Lambdaim $LAMB
4️⃣ @CreamdotFinance $CREAM
5️⃣ @OntologyNetwork $ONT⬇️Trade Now:https://t.co/JugeuoO3iQ pic.twitter.com/xJGGzajp2J
— Pionex 🤖️ (@pionex_com) April 15, 2024
From a technical standpoint, the Neo price is consolidating within an ascending parallel channel. It is also in the upper section of the market range, measured from where selling pressure climaxed at $13.07 and where buying pressure peaked at $23.83.
Neo Price Outlook Amid Soaring Market Volatility
The Neo price is trading with a bullish bias despite the ongoing market stall. The Relative Strength Index (RSI) is above the ‘50’ mean level, suggesting the market is still bullish, accentuated by the rising Simple Moving Averages (SMAs), showing a rise in bullish sentiment. Also, the Awesome Oscillator (AO) is in positive territory, reinforcing the bullish sentiment.
If the Bitcoin price moves higher, the Neo price could follow, extending to shatter the upper boundary of the channel at $22.00. In a highly bullish case, the gains could see the NEO price reclaim the $23.83 peak recorded on April 11.
Investors should watch for a bounce of the RSI above the 50 mean level as this could kickstart another cycle move north.
TradingView: NEO/USDT 1-day chart
On the other hand, if the bears have their way, instigated by the Bitcoin price crashing further, the Neo price could drop. A candlestick close below the 50% Fibonacci placeholder at $18.45 would encourage more sell orders.
Enhanced seller momentum is likely to suppress the Neo price to the 50-day SMA at $16.48, or worse, toward the support confluence between the 200-day SMA and the lower boundary of the channel at $14.13. A break and close below this level would negate the bullish thesis.
This would clear the path for the Neo price to roll over to the bottom of the market range at $13.07. In a dire case where this base fails to hold as support, the NEO price could spiral to the 100-day SMA at $12.42. This would constitute a 40% drop below current levels.
Meanwhile, investors’ attention is shifting to TUK, which has raised more than $3 million out of a target objective of $3.27 million.
It’s changing the world as it powers a green ecosystem, and analysts say it has big potential in 2024.
Promising Alternative To NEO
TUK is the ticker for the eTuktuk ecosystem, an AI-integrated, eco-friendly project that’s transforming the future of transportation.
"eTukTuk is one of the most creatively revolutionary projects to enter the EV sector in a long while. Although there are many EV projects, few align with the reality of people living in developing economies." – @CoinGapeMedia
Read more here:https://t.co/ZfqdSLkbG7
— eTukTuk (@eTukTukio) February 6, 2024
The project boasts a strong use case, meeting users where blockchain tech and sustainability intersect with a clear vision. The team is committed to creating a carbon-fighting environment, and does so by integrating blockchain and AI technologies.
The project provides entry into a sustainable transportation revolution with its green $TUK token presale. It also stands among the most recommended choices for the best penny cryptos in 2024, showcasing an innovative cryptocurrency project committed to helping Tuk Tuk drivers use less energy.
1/ Witness the groundbreaking transformation of Jammu's public transport!@TataMotors, India's vehicle giant, has just rolled out a fleet of Ultra EV air-conditioned electric buses for Jammu Smart City 🧵⚡ pic.twitter.com/TUAwJHlMaz
— eTukTuk (@eTukTukio) February 1, 2024
As governments in Asia and Africa embark on ambitious electric vehicle adoption goals over the next two decades, eTukTuk looks well-positioned to play a crucial role in driving the transition.
Do you have eco-friendly transport options in your city?#greenmobility #SustainableFuture
— eTukTuk (@eTukTukio) February 6, 2024
eTukTuk’s staking mechanism offers an annual return of 90%. Users will get 4.75 $TUK for each BSC block in $TUK token incentives.
Early stakers have an edge over late bloomers since the APY decreases with time.
TUK tokens are priced at $0.03 each, but will increase in a little over five days, so act now if you are interested.
Also Read:
- Green AI Revolution in Web3 – Here’s How You Can Seize the 100X Opportunity With eTukTuk
- eTukTuk (TUK) Storming Into 2024 With Massive Funding, Learn Why Here
- eTukTuk Strives to Bring Sustainable Transport to Developing Nations With Its Innovative Three-Wheeler EV and Charging Infrastructure
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