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The NEO price has experienced a 10% increase, trading at $14.15 at 6:23 a.m. EST.
This surge came after the daily token trading volume spiked by 597% to $667.14 million. Over the week, the token’s value went up by 54.2%, getting the attention of investors and traders
The price increase can be linked to the considerable rise in popularity and utilization of the NEO blockchain that took place in October. NEOGas is utilized as the working token that drives the operation of smart contracts and token transfers within the NEO network.
Neo Price Technical Analysis: Is the Bull Market Approaching?
The NEO chart reflects a recovery from the falling wedge, which normally signals a shift to a bullish trend.
The support level at $6.65 proves resilient, enabling the bulls to seize control and propel the price upward, reaching the $15.5 resistance level.
Despite a brief setback, strong bullish sentiment persists, sustaining the upward trend. This ongoing upward momentum indicates a resilient bullish trend swiftly regaining control.
NEO’s price has moved beyond the 50-day and 200-day simple moving averages (SMA), which now serve as immediate support levels, further underscoring the strength of the bullish trend.
The relative strength index (RSI) exhibits an upward trend as the price rebounds from below 37, currently resting at 86. This signifies intense buying pressure in the market.
NEO Price On Track for $21 Level
NEO is following an overarching bullish trend, with investors and traders setting their sights on a potential target of $21.1. The price has recently bounced back from the $8.42 support zone, finding immediate support from the 200-day moving average.
This positive momentum may empower bullish investors to recuperate their losses, with additional support from the RSI and the 50-day SMA aiming for a new high at $21.1.
On the flip side, bearish traders could see the correction as an opportunity to limit their losses, potentially causing the price to drop to $11.5.
For investors looking for diversification, the BTCMTX presale is rapidly gaining momentum as investors hurry to purchase tokens before the price increases in the upcoming stage. There are only 15 hours left to do so.
BTCMTX Poised For a 10X: Buy Fast
The BTCMTX presale, now in its fifth phase, has successfully garnered over $3.4 million and is scheduled to conclude in under 24 hours.
As the presale gets closer to reaching its soft cap target of $3.9 million, there’s anticipation that the token’s value will increase. The presale has an upper limit of $15 million, and participants can acquire as much as 77.5% of the total token supply.
#BitcoinMinetrix marks another notable milestone!
Surpassing $3,400,000 raised. ✅ pic.twitter.com/jb9TGSPvFe
— Bitcoinminetrix (@bitcoinminetrix) November 6, 2023
Some of these tokens will be designated for funding Bitcoin mining operations, launching the platform, marketing the token, creating a cloud mining facility, or securing a long-term lease for such a facility.
Moreover, 15% of the tokens will be kept in reserve to reward community members who actively participate in the project, and 8% will be held for BTCMTX staking rewards until the development of the Bitcoin Minetrix cloud mining platform reaches completion.
Just 1 day remaining until the end of #BitcoinMinetrix Stage 5! ⏳ pic.twitter.com/Etp55hYGoE
— Bitcoinminetrix (@bitcoinminetrix) November 6, 2023
Buy, Stake to Mine, Earn
By staking your tokens, you can acquire extra BTCMTX tokens, and when the app is released, there will be an opportunity for staking to generate mining credits (stake-to-mine). As time goes on, staked BTCMTX tokens will produce mining credits, enhancing your earnings from Bitcoin cloud mining.
The concept of staking for mining is a creative idea, sparking hope for ordinary #Crypto enthusiasts to engage in #Bitcoin mining.
With #BitcoinMinetrix, all that is needed is an #Ethereum compatible wallet like #MetaMask, making it straightforward and stress-free. 💡💻 pic.twitter.com/EJiZOWbnPY
— Bitcoinminetrix (@bitcoinminetrix) November 6, 2023
Furthermore, you can win a $3,000 prize for participating in the $30,000 Minedrop airdrop. This competition will have 10 lucky winners eligible to win the prize.
Jacob Crypto Bury, a popular YouTuber with over 23.4k subscribers, has provided a comprehensive review and guidance to his audience regarding this exciting opportunity and has personally invested in the presale.
To participate, you can buy BTCMTX tokens using ETH, USDT, BNB, or a bank card. All you need to do is connect your wallet to the official BTCMTX website and use the presale widget for token acquisition. Ensure you have sufficient ETH or BNB to cover any related gas fees.
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