- 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.
Introduction to FishChain; NeoFish announcement and airdrop
FishChain, an Ethereum-based blockchain game, has announced its intention to launch a NEO-based counterpart called NeoFish, alongside an airdrop of the NEP-5 version of its FISH token. FishChain combines a mining mechanism and fishing gameplay with a token model, with the goal of creating an interactive, player-driven marketplace and ecosystem.
The team behind FishChain previously found success with Bubble Fish, which it claims was the most popular social game on the Renren social network (often called the “Chinese Facebook”) during 2010-2012, with 3 million daily active users. Bubble Fish is noted as a predecessor of FishChain and NeoFish, as it also had an unlimited free market where fish could be bought or sold.
To access the current Ethereum version of the game, players need to register an account using a mobile number. There are other KYC steps in place with rewards available for completion, but these rewards may be waived to give access to the full game functionality without further KYC.
Assets and Mining
FishChain’s active currency is the FISH token, which can be acquired by mining, fishing or directly traded for ETH on the in-game exchange.
There are two categories of non-fungible token; fish and fishbowls. Fishbowls are required to mine FISH tokens and may be filled with fish owned by the player. Only 20,000 fishbowls are issued, available in various colors and capacities.
Fish are also unique, being made up of eight different genes. Different traits give fish different computing powers, with higher computing powers translating to greater mining returns when placed in a fishbowl. This mining process is designed to emulate Proof-of-Work consensus mechanisms, popularized by Bitcoin. More powerful hardware (or in this case, better fish and fishbowls) correspond to greater rewards.
Fish may also be bred together to create new fish, which requires a fee paid in FISH tokens based on the parent’s computing power. This is the core method by which new fish are added to the game, with genetics from each fish being combined alongside random mutations to produce entirely new fish.
Different fish rarity results in a different probability of a mutation; 5% for common, 30% for rare, and 50% for epic fish. When breeding has completed, the parents will have their computing power permanently lowered by 5%.
Genes may mutate to lower, equal or higher level genes. Depending on the gene rarity, the ratio of mutation to lower, equal or higher level varies. These ratios are as follows; 0:4:1 for common genes, 25:4:1 for rare genes, and 45:4:1 for legendary genes.
Interactive gameplay comes in the form of fishing, where the player may pay FISH to hook new fish. There are three pool types for fishing:
- Official Fishing – Randomly caught fish, with a chance to catch fish with new genes or rare fish.
- Normal Fishing – Players place their own fish in a pool, then set a price in FISH and specify the number of attempts other players have to catch them.
- Celebrity Pool – Exclusively created by players with rare Golden fishbowls, catching fish in this mode requires a FISH buy-in to be paid, allowing players to attempt to catch a fish with a bounty attached to it.
Both FishChain and NeoFish share common gameplay, however the NEO release will also see the release of three unique fish designs; NEO fish, GAS fish and NNC fish (referring to the token used by NEO Name Service). NNC fish have already been launched in the Ethereum-based FishChain at the time of writing.
Both NeoFish and FishChain will use the same account system, and the 20,000 fishbowl limit is shared between both versions. These fishbowls, alongside the unique fish designs, will be released in gift packages and auctions. Players will then be able to breed new fish from these designs, aiming for rare genes and higher computing power to maximize mining returns.
NeoFish will initially launch with NEP-5 FISH tokens but non-fungible assets will be stored on centralized servers, pending migration to smart contracts. The FishChain team told NEO News Today that the migration is touted to take place in several months time.
NEP-5 Airdrop, Deposit Reward and Pre-Sale Details
A NEP-5 FISH airdrop will be available to members of the NeoFish Telegram channel. To register for the airdrop, the following form must be filled out with the user’s Telegram account name and NEO wallet address. Users must be members of the FishChain Telegram and hold more than 1 NEO in the provided address. The form may be found here.
The form submission deadline is May 1st (EST), and participants will receive up to 5000 NEP-5 FISH tokens, calculated by 2000 + (number of NEO held * 10). As an example, if 100 NEO are held in the address, 3000 NEP-5 FISH tokens would be airdropped.
The team will also distribute daily NEP-5 FISH token rewards between April 24th and April 28th which are calculated based on NEO deposits to the game wallet. The amount of NEO deposited, multiplied by 10, will be distributed in NEP-5 FISH tokens each day. The total amount distributed is capped at 100k, 200k, 300k, 400k, and 500k FISH tokens each day.
The game will be accessible through https://neofish.io/ on April 25th.
In addition to the airdrop and deposit rewards, the FishChain team will offer a limited number of NEO gift packages, containing limited edition mining bowls and fish with NEO genes for breeding. Purchasing these gift packages grants entry to special gameplay events:
- FOMO – A NEO reward pool will be built from 5% of the funds raised from the gift packages. A 24-hour countdown timer will be set, and each package purchase will reset the timer. The last person to purchase a package receives the entire reward pool.
- Lottery – Each 10 NEO spent to buy packages grants a lottery ticket, providing a chance to win up to 100 NEO.
- Referral – Community partners (required to lock up 10 regular fishbowls, 2 white or black fishbowls or 1 gold bowl) receive a 10% reward from any users they refer. Non-partners receive 2% rewards from referrals.
The packages will be available from April 25th.
Cryptocurrency market update: Cryptos back in the green led BTG and NEO
- Bitcoin Gold and NEO lead crypto market from consolidation with 2.57% and 2.5% gains on the day.
- NEO has traded highs around $11.00 on the day but has retraced to $10.94.
- Market cap defies consolidation to record gains from $176 billion to $178 million.
The cryptocurrency market is approaching the end of the consolidation phase. The just concluded weekend session has cryptos avoid moments either side of the important key support areas. Bitcoin, for example, stayed above $5,200 while the upside was capped at $5,300. Ripple, on the other hand, defended the support at $0.032 before it increased to trade slightly above $0.33.
In spite of the consolidation the market capitalization rose significant from $176 billion at the close of the trading on Saturday to the current $178 billion. In the same period the trading volume thinned from $45 billion to $43 billion at the time of writing.
Bitcoin Gold (BTG) and NEO are the biggest single-digit gainers on Monday. The latter is up 2.57% on the while Bitcoin Gold has increase in value by 2.5%. NEO has traded highs around $11.00 on the day but has retraced to $10.94. Its fundamentals remain positive hence a continued uptrend is expected in the coming sessions.
Bitcoin Gold, on the other hand is valued at $17.18. It has a 24-hour trading volume that stands at $16 million. The asset is currently ranked as the 27thlargest crypto with a market cap of $300 million.
NEO price analysis: Bulls face tough resistance at $11.00
- NEO/USD is doing well, but the upside may be limited.
- Intraday RSI gets close to an overbought territory.
NEO is doing well with nearly 3% growth since the beginning of the day. The 17th largest coin with the current market value of $705 million surpassed $10.90 handle, which increased the bullish bias. At the time of writing the coin is changing hands at $10.90 amid growing volatility.
Considering that the intraday RSI points upwards, the short-term trend may gain traction, however, the bulls should be careful as the indicator came close to an overbought territory.
Looking technically, NEO/USD is capped by $11.00 handle. This resistance is created by SMA50 (4-hour), SMA100 and SMA200 (1-hour). Once this barrier is out of the way, the recovery may gain traction with the next focus on $11.63 (SMA100 4-hour) and psychological $12.00.
On the downside, the initial support comes at $10.70 (SMA50, 1-hour). It is followed by the intraday low of $10.45 and $10.00