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Revival of Cryptocurrencies from the 2017 Bull Run
The global cryptocurrency market has experienced a substantial surge, with a total market cap of $2.68 trillion, representing a 3.51% increase over the past day. This resurgence has been led by Bitcoin, the flagship cryptocurrency, which has surpassed $71,000 for the first time since mid-March. In parallel, Ethereum is currently testing the upper boundaries of a horizontal channel, trading at $3,681.
Interesting developments have emerged in the digital assets space, particularly the resurgence of cryptocurrencies that flourished during the 2017 bull market only to subsequently fade into obscurity. One notable example of this revival is NEO, often referred to as the “Chinese Ethereum.” In the last 24 hours, NEO has experienced a significant surge of 33.5%, rising from $15.30 to $20.40. This surge represents NEO’s highest price since April 2022, following a prolonged decline that saw the coin plummet from $120 in May 2021 to around $13.
NEO: A Comeback Story
The recent performance of NEO signals a promising trajectory, marking its strongest day since January 20, 2023, when it recorded a 40.7% spike. The coin has broken through the resistance of its EMA10, transitioning from a stable bearish trend to a zone of market indecision according to the ADX indicator. Additionally, the Squeeze Momentum Indicator indicates a potential bullish upswing in the near future, suggesting a reversal of trends for NEO.
Another cryptocurrency making a noteworthy comeback is VeChain, a blockchain project that gained prominence in 2017. Founded by a former Louis Vuitton China executive in 2015, VeChain has witnessed an 8% increase, rising from $0.042 to $0.047 before settling at $0.046. Similar to NEO, VeChain has surpassed its EMA10 resistance and averted the formation of a death cross, signaling a potential shift in market dynamics as indicated by the ADX.
EOS and IOTA: Reemergence in the Crypto Space
EOS, a project created by a former Ethereum founder and boasting the largest ICO in the crypto industry, has seen a resurgence with a 7% price increase in the past 24 hours, climbing from $1.00 to $1.10. Despite facing obscurity during the crypto winter, EOS currently holds a total market cap of $1.2 billion. The coin’s bullish trend is evident, with the EMA10 surpassing the EMA55 and a low ADX reflecting a positive momentum shift.
Similarly, IOTA, a cryptocurrency specializing in the Internet of Things (IoT) and holding significant partnerships with major brands and governments, has demonstrated signs of revival. Despite facing challenges in the aftermath of 2018, IOTA has observed a 4.72% increase, moving from $0.30 to $0.32. However, unlike its counterparts, IOTA’s bullish signals are less pronounced, as it remains within a downward triangle and nears a potential death cross between the EMA10 and EMA55.
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