NEO has made an investment in Switcheo, according to a blog post published on Tuesday, Jan. 14.
The investment was made through the NEO EcoBoost program, an ecosystem funding effort run by NEO and several partners. Though NEO has not revealed the size of the investment, it has set aside $100 million for EcoBoost in total.
Switcheo went live in 2018 and is NEO’s first and most popular decentralized exchange (DEX). It is best known for offering a simple token swap similar to Shapeshift. However, since Switcheo mainly supports tokens based on NEO, EOS, and Ethereum, it lacks support for many major coins. This investment could help fill its niche more effectively.
How Switcheo Will Benefit
Beginning in February, Switcheo will allow users to pay for trading fees in NEO GAS, the blockchain’s native fee token. Switcheo will no longer use its own SWTH token for fee payments, and it will allow users to swap the two tokens in-app.
Since GAS is more commonly held than SWTH, NEO
NEO’s investment will also go toward later developments. Switcheo CEO Ivan Poon suggests that funding will help the company realize “several new projects in the pipeline,” including DeFi products. Meanwhile, NEO founder Da Hongfei has stated that NEO and Switcheo will continue to “work in tandem” on NEO’s developer ecosystem.
NEO’s Small Ecosystem
NEO offers a fairly small selection of decentralized exchanges. One notable DEX, Aphelion, shut down last year. Nash is currently Switcheo’s closest competitor, but it experiences about 1/20 of Switcheo’s daily volume, which stands at $160,000. Trinity Network, meanwhile, offers a small but potentially useful NEO-to-ETH swap tool.
In short, there is limited demand for NEO DEXes. Not surprisingly, NEO-based tokens are most actively traded on centralized exchanges such as Binance, Kucoin, and Huobi—all of which list several of the blockchain’s custom tokens.
Still, Switcheo’s high standing relative to other NEO-based DEXes is an accomplishment in its own right.
Future Forecast For NEO Price |2020 | 2025 | 2030
In this post, we will present our own and market’s opinion on NEO future while discussing NEO price forecast for 2020 and beyond.
Since this year is almost up, NEO price prediction 2020 is way more interesting, so we made sure to include that section as well, just make sure to scroll all the way to the end.
Now, let’s get to it.
Before we delve deep into the NEO price prediction and answer questions if NEO is a good investment or not, why will NEO succeed or fail or while will NEO price rise or drop, let’s quickly do a brief on NEO and its to date history.
NEO is a next generation of blockchain, a smart economy platform that has had a monumental rise to fame and most know NEO for its explosive growth. You have probably heard a shabby phrase describing NEO as the “Chinese Ethereum”, pointing out similarities between the two platforms, mostly their ability to create, run and store smart contract code and decentralized apps or dApps..
NEO is a blockchain platform and cryptocurrency, which is designed to digitize assets using smart contracts, aiming to bring blockchain to the masses. NEO essentially plans to recreate real world economy into a digital, smart economy where all assets are now digital assets you can easily move, transfer, split into tiny pieces etc.
Just like how Ether is used on the Ethereum network, GAS is used on the NEO network.
By holding the NEO coin in your wallet, you earn GAS which can be used to make transactions on NEO’s blockchain.
Some of the key features of NEO are:
- Unlike most other cryptocurrencies, the NEO coin cannot be divided. So, you cannot make a transfer like 0.5 NEO or 0.11 NEO. NEO can be considered similar to the stocks of any company, which cannot be divided.
- it is allegedly in good graces of Chinese governments although there was never official support nor denouncement of NEO by the Chinese authorities.
- While Ethereum allows the programmers to code only in one language — Solidity, Neo allows developers to code smart contracts using C++, C#, Go, Java, and other common programming languages.
NEO is currently hovering around the spot 20 in the cryptocurrency market, ranks are tracked and measured by respective market cap of the coins. Price of NEO has suffered huge losses in 2018 and 2019, just like the whole market itself, although NEO recorded a nice surge in November, upon the news that Chinese government plans to support and invest in blockchain technology in the future.
Our NEO Price Prediction for 2020
NEO, as the rest of the market, is tied at the hip of bitcoin’s price action. If bitcoin embarks on another bull run, NEO can hope for one as well. Since that is very unlikely, don’t expect much to change for NEO price-wise in this year. So 2020 will be a year of boring sideways action with minor bitcoin ignited jumps and slumps.
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NEO-BTC price correlation
Correlation is measured on a scale from -1 to 1. Values above 0 shows the degree to which altcoin is moving in the same direction as BTC prices (either up or down in tandem), and values below 0 shows the degree to which altcoin moves in the opposite direction of BTC prices (so when BTC goes down, altcoin goes up, or vice versa). Values around 0 shows that when BTC price moves, altcoins stays steady, or alternatively that when altcoin moves up or down that the BTC price is staying steady.
NEO has had a correlation coefficient of 0.90+ for the most of its market life, as shown on the image below – source.
Overall, the price change of any altcoin token is explained by the dynamics of the bitcoin-influenced market. However, there are also fundamental reasons for the individual token rise and fall in price, which can be pinned down to a big tech upgrade or more often, big partnership.
The majority of projects will fail — some startups are created just to gather funds and disappear, some would not handle the competition, but most are just ideas that look good on paper, but in reality, are useless for the market.
Vitalik Buterin, co-founder of Ethereum said:
“There are some good ideas, there are a lot of very bad ideas, and there are a lot of very, very bad ideas, and quite a few scams as well”
Neo Coin (NEO) Future Outlook
However, not all projects have the same chance of failing (risk), nor do they have the same potential upside (reward).
As a result of ICO teams’ incompetence and lack of integrity, fueled by basic human instinct that is greed and crypto investors’ naivety, over 95% of successful ICOs and cryptocurrency projects will fail and their investors will lose money. The other 5% of projects will become the new Apple, Google or Alibaba in the cryptoindustry. Will NEO be among those 5%?
That is one of the tougher predictions to make as there is a lot to like and dislike about NEO. If we were forced to make a call, we would say yes, NEO is one of the rare projects with a healthy future prospect.
There are two major points that will affect NEO destiny and we will cover them in detail in the following sections of this NEO price prediction guide. Fans of “chinese Ethereum”, get ready, we are about to answer the burning questions.
Why will NEO fail?
Potential vector attacks on NEO existence are worth considering. Here are some of them.
First, regulatory actions. In terms of risks NEO’s biggest dangers certainly comes from the Chinese authorities attitude to cryptocurrency and the success or failure of ICOs on her network. If the Chinese government declares a total crackdown on cryptocurrency then NEO may well be
Second, the transfer from centralized to decentralized network. NEO has marked this year as the date for making this big leap, from being a centrally controlled network to an actual permissionless, censorship resistant blockchain. If this move pans out well and the network actually satisfies the basic conditions of decentralization – NEO will get a big legitimacy boost for their future.
For now, we can state the obvious: NEO is still a centralized blockchain with couple of bigger incidents from the past under its belt (the network was offline on two occasions, there were some apparent coding mistakes revealed as well).
Why will NEO succeed?
Reasons for why will NEO go up and rise in price are also worth mentioning.
It is led by a relatively reputable City of Zion and NEO Foundation and personas that paint a professional picture in public. There are regular events, hackathons, communication with holders is good, community management is also good, dapps ecosystem is growing with couple of them already building up a solid name for themselves (Travala, Switcheo etc).
All of this indicates that NEO has a solid team behind the project that has a really steep mountain in front of itself that needs to be conquered. Holding NEO in 2020 and beyond is a high risk but even higher reward situation. So, if your investing profile mixes well with this type of asset, NEO and your portfolio would fit like a hand and glove.
Will NEO reach $100 or $1000 or at least its previous all time high?
Every option is a possibility but with different probability of happening. Should bitcoin enter a bull run similar to the one from 2017, NEO can surely climb up to its previous all time high, easily surpassing the $100 mark. Reaching $1000 is a much tougher mountain to surmount and is a far-fetched possibility.
Is NEO dead?
No, judging by the team activity on social media, github, their own website. Their communities on Reddit and Telegram are also active, although much lower engagement levels are noticeable when compared to 2017. Coin is also still listed on all major exchanges which indicates that NEO is far from a dead project.
All of this summed up means one thing: NEO might live through couple of orchestrated and, for a regular trader, completely unpredictable pumps but the majority of time will be murky sideways trading with small volume and no significant interest from the market.
Price will heavily depend on what BTC will do and since many analysts think BTC will not be making big moves in this year, it is hard to expect NEO will do them either. The price will probably stagnate and record slow-moving depreciation or appreciation depending on the team activity, potential technological breakthrough or high-level partnership.
Market prediction for Neo – NEO Price 2020
With the market being completely unpredictable, forecasting the cryptocurrency price is really more of a gamble and luck rather than a data driven guesstimate.
Let’s throw a glance at the eminent publications and personalities, and their predictions regarding the NEO price, which will give us another point of view to consider:
|Crypto-related resources||NEO price prediction|
|#1||Being Crypto||Increase to:|
$200 by the end of 2020;
$450 in five years
|#2||Smartereum||Increase to $1275 in five years|
|#3||Long Forecast||Increase to $21 by the end of 2020|
|#4||Crypto Ground||Increase to $195.352 in five years|
|#5||Coin Fan||Increase up to|
$783 by the end of 2020
Cryptoground.com is cryptocurrecy prediction algorithm that is moderately to overly bullish on most of coins, similarly on NEO token as well. They forecast NEO to climb up to $12 per token by EOY, which means a small increase in comparison to the current price.
Walletinvestor is a popular website that does technical analysis-based price predictions of various cryptocurrencies and traditionally has a skeptical outlook for most coins, but not for NEO. According to them, NEO is expected to rise by more than 4x – from the current $9.37 to $56.27 by the end of the year.
Trading beasts is on a diametrically opposite side of Walletinvestor and sees a much more bullish future for Neo token. Their algo forecasts that NEO can ascend to around $25 within a year which means it will essentially grow 2.5x in value in the next year.
Another crypto prediction algorithm that is most conservative in its approach of the 4 we enumerated here – DCP usually predicts price to hover around the same level as the current state, forecasting a twofold increase or reduction for certain coins. NEO is on the bullish side of their algo that sees it reaching $16,50 per coin by December 2020.
Neo Coin Future: 2023, 2025, 2030
NEO Price Prediction 2023
NEO has been one of the most hyped crypto projects that was a true media darling even during the peak of 2017 crypto frenzy that spawned thousands of new coins. However, despite the big hype built behind it, there is a shroud of doubt around the token’s viability and general competence of NEO team to pull off the laid out plan. Long-term NEO seems to be a risky investment and price in 2023 might float around the same level as now – $9.37.
NEO Price Prediction 2025
If NEO survives to see 2025, the token would surely be at 10-100x of the current value which means it would be at $90 – $900 per token.
NEO Price Prediction 2030
Again, should NEO survive to see 2030, the token would surely be at 100x+ of the current value which means it would be at $900+ per token.
Realistic NEO Price Prediction
Predicting prices of novel, highly volatile and risky asset classes is a thankless task – best answer is no one knows. Educated guess is that realistic NEO price for the foreseeable future is somewhere between its current price and its all time high of $160.
We don’t yet know which crypocurrencies will make it out of the crypto winter we’re wandering in right now. There are plenty of coins that stand a good chance of weathering the crypto storm and perhaps becoming more relevant as the market contracts and devours some of the weaker projects. However, there are even more of those projects who are already dead but no one noticed yet.
But, looking at things from this point in time and place, it’s reasonable to say that Neo had its five minutes of glory that was based on nothing but hype. It is now time for NEO to step up and actually deliver something valuable and palpable to justify the past and possible future hypes.
NEO Market Update: NEO/USD dives under the 50 SMA, refreshes $9.75 support
- NEO defends the trendline support in spite of the 3.27% loss on the day.
- Numerous support levels including $9.00 and $8.50 will help cushion NEO bulls if the bearish momentum continues.
NEO is arguably the most battered cryptocurrency asset on the first day of the week. In other words, NEO is leading in losses after shedding off 3.27% of its value on the day. The red-painted market is a reflection of the worsening technical picture across the crypto landscape.
In spite of the losses
For now, the trendline support is vital for the short term recovery targeting $10. The RSI suggests that the bulls are gaining traction. However, a move above 50 will encourage more entries from the buyers.
If the losses continue, the 100 SMA support a $9.69 will come in handy. Other support areas to keep in mind include $9.00, $8.5 and $7.75.
NEO/USD hourly chart
NEO Price Analysis: NEO/USD trends horizontally in a narrow $1.4 range
- The Elliott Oscillator has had 21 straight green sessions, indicating sustained bullish sentiment.
- The 20-day Bollinger Band has narrowed, hinting at decreasing price volatility.
NEO/USD daily chart
NEO/USD is trading for $8.84 after a bullish Wednesday, which saw its price