- NEO/USD market tested a mark at $10 on March 16, and since then, the pair has been hovering closely below it.
- The NEO/USD trading indicators still count upon seeing more choppy price movements in the next trading sessions.
NEO/USD Long-term Trend – Ranging
- Distribution territories: $12, $14, $16
- Accumulation territories: $7, $5, $3
There have been a series of choppy price movements in the NEO/USD market valuation under a horizontal trade line at $10 mark. On March 16, the NEO/USD pair briefly sprang northwards to test the $10 trade territory.
The crypto’s price has continued to range along with its 14-day SMA indicator. There’s still a small space between the two indicators as the 50-day SMA is located below the 14-day SMA, and they both almost lie flat within $10 and $8 points. The Stochastic Oscillators are also now bent slantingly across ranges 80 and 60 to point south-east a bit over range 40.
Yet, there are indications that this crypto-trade will still have to undergo another line of choppy price movements in the next trading days or week. As trading activities have been carried out in this type of range format, it’s strictly advised to wait for a strong price action to come up prior executing an entry.
The views and opinions expressed here do not reflect that of BitcoinExchangeGuide.com and do not constitute financial advice. Always do your own research.
3 key Changes Coming to NEO 3.0 in 2020
Any and every cryptocurrency project needs to keep evolving and growing at all times. Especially in the altcoin world, there is a lot of pressure on developers to ensure a blockchain stays relevant. As far as NEO is concerned, it seems the upcoming NEO 3.0 release will offer some interesting changes. How it will impact the token’s price, remains a bit unclear, as it has been a rough year for this altcoin.
INTRODUCING DBFT 2.0
Anyone who is not familiar with most of the acronyms in the cryptocurrency world today will not be aware of what dBFT is. It stands for Delegated Byzantine Fault Tolerance, which acts as a consensus mechanism. It requires the use of consensus nodes which are elected through a voting process, which is similar to how NEO works under the hood today.
With the new iteration of this consensus mechanism, there will be some welcome additions. A recovery mechanism will help improve the current stability of this technology. Given how there is always a chance the network would go down if the nodes fail, having a viable countermeasure in place is more than welcome in this day and age.
IMPROVING SMART CONTRACT USAGE
Although competition has been heating up among platforms which offer smart contract and dApp functionality, NEO still has a lot of room for improvement. More specifically, the current price model isn’t enticing too many developers to explore this platform, primarily due to high costs. That will come to change by reducing both the deployment and execution costs of smart contracts. It will be interesting to see how this change affects the ecosystem as a whole.
Another interesting change regarding the NEO smart contracts is how these pieces of code will be able to access Internet resources during execution. It allows for more sophisticated projects, as relying on external data creates a lot of potential use cases. Combined with the changes coming to NeoVM, things look mildly promising for aspiring developers.
FASTER TRANSACTION THROUGHPUT
It is evident most cryptocurrency blockchains are rather limited in performance. Bitcoin is a great example in this regard, albeit most altcoins don’t fare too well either. As such, the NEO developers are constantly looking for ways to make the ecosystem more competitive. Revamping the peer-to-peer protocol is one way of achieving that goal.
In doing so, the team expects to introduce UDP communication support and introduce compression options. Details regarding both aspects are still a bit scarce, but they will result in better network stability and a higher transaction throughput. Assuming the network will effectively see an influx of transactions at some point, preparing for the future is never a bad idea.
COMPLETION SLATED FOR 2020
As interesting as all of these potential changes may sound, they will not go into effect for some time to come. Albeit NEO 3.0 has been in development for over six months now, it will not be released prior to Q2 2020. This is due to a lengthy review and testing phase, combined with fine-tuning features and aspects. Even then, the current tentative release date may be pushed back in the process.
An official testnet for NEO 3.0 will be released shortly, which allows developers and coders to get a hands-on experience with the new features. This will, in turn, provide valuable feedback for the developers in terms of addressing bugs. Once the testnet has been vetted thoroughly, the official migration from NEO 2.x to NEO 3.0 will begin. A lot of work looms ahead in that regard.
NEO Slowly Climbing Back Up
|Key NEO resistance levels:||$14, $16, $18, $20|
|Key NEO support levels:||$11, $10, $8, $7|
*Price at the time of writing
NEO Long Term Price Prediction: Bearish
On the daily chart, NEO NEO, 5.58% has been following a rising broadening wedge formation for the past few months. After marking $24 as the yearly high, the token reversed its trend on a medium-term correction to $10, where the price meets long-term support on the lower boundary of the wedge formation.
NEO trading has now seen a nice two-day bounce to around $14. The price has dropped a bit, and NEO is currently changing hands at around $12.4. After the three-week price drop, the volume appears to be rising due to the current short-term bull market.
Now that buyers are showing commitment, the key resistances to keep an eye on are $14, $16, $18 and $20. Failure to further power the market upward might lead to a bearish takeover. We can then expect a quick fall back to the $11 and $10 support levels. A break-down on the wedge could drop the NEO price to $8 and $7 – the February low.
At the 30 levels, the RSI saw a sharp rebound after a strong bullish comeback which led to a sudden price increase in the market.
The Stochastic RSI reveals a possible uptrend, and is attempting a bullish crossover. Let’s wait and see how things unfold in the market.
NEO Medium Term Price Prediction: Bearish
Over the past few days of bearish action, the NEO market is on the downside following the dramatic fall to a key support level of $10, from where the wedge support line is drawn (yellow).
From the above support, the token has turned upward to test the $12 and $13 resistances after a sudden bullish action which is likely to continue to meet the $14 and $15 levels at the upper wedge boundary, where a bearish rally is likely to occur.
However, it’s important to note that NEO remains bearish from a medium-term perspective, at least for now. A clear break above $15 could bring the market back into a bullish trend. As of now, the key levels of support for the bear sides lie at $11 and $10 before a possible break plays out.
The sudden price surge has brought the RSI back above 50 level. If the RSI level can provide support for the market, the price of NEO will continue to rise. The token is now overvalued on the Stochastic RSI. We can expect a slight pullback before buyers resume to take over.
NEO Short Term Price Prediction: Bearish
The past positive climb of the past two days is steadily turning the NEO market on an upside after surging above the dotted falling trend line, drawn in yellow. The new white trend line is now acting as diagonal support for the market. The next key resistances lie at $14, $15 and above.
On the downside, the market may test the $12 support, meeting the white trend line. A break could roll the market back to $11 and $10. A look at the Stochastic RSI suggests a buying pressure is again lurking around the corner. Considering the RSI’s condition, the NEO market is indecisive at the moment.
NEO and Ontology enter partnership to work on next-gen internet
China’s leading public blockchain projects, NEO and Ontology, will be working together on establishing the foundation for next-gen internet. In a press release shared with CryptoSlate, the companies said that the partnership will focus on building an open cross-chain platform.
China’s blockchain giants come together
Blockchain development had just gotten turbocharged in China, where two of the country’s leading public blockchain projects announced they have entered a partnership. NEO, dubbed the Chinese Ethereum, and Ontology, a product of NEO’s parent company, OnChain, will be working together on establishing the foundation for next-gen internet.
According to a press release shared with CryptoSlate, the companies plan on leveraging both parties’ strengths to create an efficient and inclusive interoperability protocol. Da Hongfei, the founder of NEO and founder and CEO of OnChain, said that the company looked forward to working with Ontology to deliver real-life solutions and uses for blockchain.
Li Jun, the founder of Ontology, echoed his statement, adding that the partnership will not only benefit both companies’ technology and community, it will also accelerate the development of blockchain in general.
NEO and Ontology changing strategies to deepen cooperation
The companies’ interoperability protocol is said to be “groundbreaking” and will include features like enhanced security and low barrier of entry. The protocol will also focus on cross-chain smart contract interactions to expand the scope of dApps hosted on the network. However, the protocol will not issue tokens and will not include a dedicated smart contract system to ensure an eco-friendly approach to member chains.
To fully deploy the capabilities of their interoperability protocols, both NEO and Ontology will have to introduce changes to their strategic focuses, the companies’ said in the joint press release. NEO will shift its focus solely on developing protocols and components that support a full spectrum of digital assets. Parallel to that, Ontology will continue its work on building a future-proofed, decentralized identity framework.
This is not the first time the two companies have worked together. The NEO Foundation and Ontology Foundation have joined forces back in 2018 to improve the development of API standardization, a sharing ecosystem of smart contracts, building open standards for smart contracts, and cross-chain technology innovation.
NEO | NEO
UPDATED: JUL 18 AT 1:45 AM PDT$11.4510.85%
NEO, currently ranked #17 by market cap, is up 10.85% over the past 24 hours. NEO has a market cap of $807.38M with a 24 hour volume of $493.31M.