Here's why NEO is outperforming other coins today

 

NEO is currently the best performing cryptocurrency among the top coins.

NEO, the native coin of the Neo ecosystem, is the best performing coin among the top 100 cryptocurrencies by market cap today.

While the broader cryptocurrency market is currently in a bearish trend, NEO is up more than 9% in the last 24 hours. NEO's rally comes as Bitcoin, Ether and other leading cryptocurrencies have lost more than 4% of their value so far today.

NEO has rallied in recent days thanks to the launch of N3, new NFT marketplaces and integration into China's blockchain-based service network. China's BSN announced earlier this week that it would use Neo's blockchain.

This positive news has caused NEO to surge nearly 10% over the past 24 hours. The broader cryptocurrency market has underperformed over the past few hours.

Bitcoin's price fell below $40,000 for the first time in more than two weeks, while Ether is also trading below the psychological $3,000 mark. The total cryptocurrency market is currently around $1.8 trillion, down more than $100 billion in the last 24 hours.

Important levels at a glance

The NEO/USD 4 hour chart is the most bullish among the top 100 cryptocurrencies by market cap. The technical indicators show that NEO is performing excellently as it is currently trading at $26 per coin.

The MACD line has crossed the neutral zone and is now in positive territory. The 14-day Relative Strength Index of 58 shows that NEO could soon enter overbought territory if the rally continues.

NEO could break the first major resistance level at $29.12 if the bears remain in control. However, NEO would need the support of the broader market if it were to trade above the USD 35 resistance level.

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