Former Crypto Titans Return From the Dead

The global crypto market cap stands at a robust $2.68 trillion, marking a 3.51% surge over the past day. Bitcoin, the market’s bellwether, has breached $71,000 for the first time since mid-March, while Ethereum is testing the upper limits of a horizontal channel at its current $3,681 price.

Long-time watchers of the digital assets space may have also noticed something interesting as of late: cryptocurrencies that thrived in the 2017 bull run and subsequently faded into obscurity are making a comeback.

NEO, often dubbed the “Chinese Ethereum,” is a prime example. The cryptocurrency has surged 33.5% in the last 24 hours, climbing from $15.30 to $20.40. This is NEO’s highest price since April 2022, and comes after a major crash that lasted almost a year and saw the coin plummet from $120 in May 2021 to around $13.

Today’s performance marks NEO’s best day since January 20, 2023, when it spiked 40.7%. The coin appears to have broken past its flat performance, exhibiting newly bullish behavior. It has decisively breached the resistance of its EMA10 and managed to switch the ADX (an indicator that measures how strong a trend is) from a stable bearish trend to a zone of market indecision (below 23 points). Furthermore, the Squeeze Momentum Indicator suggests a possible start of a bullish upswing in the short term, as the price seems poised to change trends.

VeChain, another blockchain project that gained traction in 2017, is also performing impressively. The coin, launched in 2015 by a former executive of Louis Vuitton China, has seen an 8% increase today, rising from $0.042 to $0.047 before correcting to its current $0.046 price.

VeChain’s performance mirrors that of NEO, breaking past its resistance set by the EMA10 and preventing the formation of a death cross (when the EMA55 goes above the EMA10). The ADX for the bearish correction is now very weak at 19 points, hinting at a potential shift in market performance.

EOS, created by a former Ethereum founder, is another top performer today with a 7% price bump in the last 24 hours, moving from $1.00 to $1.10. Despite having the largest ICO in the crypto ecosystem, raising $4.2 billion in 2017, EOS faded into obscurity during the crypto winter. Today it has a total market cap of just $1.2 billion.

EOS is exhibiting bullish trend hints, with the EMA10 above the EMA55 and the gap between the two references widening. The coin broke past the resistance of a bearish triangle with lower highs since March 2024 and has a low ADX at 16 points. Its current bearish trend exhibits a Squeeze Momentum Indicator that suggests that the price is starting a bullish switch.

IOTA, a cryptocurrency that focused on the Internet of Things (IoT) and had big partnerships with major brands and even governments, is also showing signs of life. Despite losing ground in 2018 and failing to regain its former glory, IOTA has seen a 4.72% increase today, moving from $0.30 to $0.32.

However, unlike the other cryptocurrencies analyzed, IOTA’s bullish signals are not as strong. It remains inside a downward triangle, and the gap between the EMA10 and the EMA55 is closing, nearly forming a death cross. The RSI is at an exact 50, indicating a perfect balance between bulls and bears.

Edited by Ryan Ozawa.