Neo (NEO) is gaining attention as its price rises to $7.56 following major updates. The network completed a security audit on its zero-knowledge DKG protocol and started the ZK Trust Relay campaign. Moreover, the Neo network collaborated on ChainGPT to introduce AI-driven instruments, smart contracts, and NFT creation into its ecosystem.
Neo has registered a slight 1.29% rise in prices today to trade at $7.56, with Market cap is value $533.35 million. 24-hour volume comes to $366.85 million.
ChainGPT partners with Neo for AI integration
As per a recent post on X, Neo just finished an audit on its zero-knowledge Distributed Key Generation (DKG) protocol conducted by cybersecurity company Hacken. The protocol forms a core component of the anti-Maximal Extractable Value (MEV) solution of Neo X that aims to safeguard users and enhance the fairness of transactions.
In conjunction with the audit, Neo also introduced the ZK Trust Relay campaign to enhance the network security even further. As explained in another post, ChainGPT is partnering with Neo to incorporate artificial intelligence into its ecosystem. From Web3 chatbots powered by AI to smart contract creation, auditing without code, trading utilities, and NFT creation, ChainGPT is offering the full suite of AI to developers on both Neo N3 and Neo X.
Key resistance at $8.97 level
According to TradingView, NEO just crossed the VWAP line on $7.56, a seemingly strong resistance level. The advance towards buy confirmation creates a new bull trend whose pullback may now be easily supported near the same region.
Fibonacci retracement levels marked closest upside target. The token managed to rise above $7.13 (0.236 Fib) and $6.88 (0.382 Fib). Traded currently around $8.38, it is underneath the 0.618 Fib level at $8.97. A clear penetration above this resistance level, accompanied by the strong buying demand, may push NEO towards $9.50 and ideally towards $10.20.
Derivatives market sees a sharp surge
NEO’s derivatives market has shown significant activity recently. Trading volume jumped 243.75%, reaching $660.91 million, while open interest increased by 15.04% to $59.25M. This spike suggests growing trader interest, with more positions being opened as the market monitors NEO’s price movements.
The OI-weighted metric stands at 0.0541%, which shows a minimal bearish bias despite the increasing volume. This metric does assist in revealing the effect of open interest on top of the developments on prices, which suggests though numerous trades happen currently, the net sentiment tends to be cautious, an indication of indecision on the short-term trends on prices.
