Neo (NEO) Stability And Steady Price Rice Depicts Investment Reliability

Introduction

NEO is a Blockchain platform and cryptocurrency developed with the mindset of establishing a large network of decentralized applications. While NEO is very close to Ethereum at its core, there are still distinctive features that could be said only about NEO.  For instance, NEO has got what it takes to support a lot of common programming languages like Javascript and C++. This is done by using a customized version of Docker called neoVM, which compiles the code into an environment. This is unlike Ethereum with its need for using a native programming language to perform smart contracts.

What Makes Neo (NEO) Special

NEO has the capacity to assemble and fuse a lot of other cryptocurrencies into its network, while most of the other platforms are focuses only on their own currency. This unique ability provides NEO the suitability to become a global giant in the digital system of a smart economy. Today, some may define NEO as one of the most stable cryptocurrencies on the market with a lot of potentials to grow even more in the future.

Price Performance In The Last Quarter(March – June)

The trading price of Neo opened at 5.51USD on March 18, 2020, and closed at 10.6USD on June 17, 2020. The difference in trading price within this duration is 5.09USD which represents a staggering percentage increase of 92.37 percent.

Price Performance Preview This Week

NEO is at a critical level. The 50-day SMA ($10.34) is sloping up, which suggests that the intermediate trend is up. However, on June 10, the altcoin broke below the support line of the ascending channel, which suggests that the upside momentum is weakening. Even though the bulls purchased the dips on June 10, the subsequent rebound has been weak. This suggests that buying dries up at higher levels. Another negative sign is that the bulls are struggling to keep the price inside the channel. If the bears sink the 19th-ranked cryptocurrency on CoinMarketCap below $10.42133, the selling is likely to intensify. The next support to watch out on the downside is $9.21399 and then $8.60349.

Conversely, if the bulls can push the price back above the 10-day EMA ($11.27) and the downtrend line, it will suggest aggressive buying by the bulls at lower levels. This will increase the possibility of a rally to $12.2839 and then to $12.1711.

The four-hour chart shows that bulls are struggling to keep the price inside the ascending channel. This is a negative sign as this indicates selling on rallies.

If the NEO/USD pair breaks below $10.42133, it could open up the gates for further downsides to $9.58498 and then to $9.21399. Traders may attempt to ride this move lower using short positions. The 50-SMA is sloping down and the RSI is in the negative zone, indicating that bears have the upper hand.

However, if the bulls purchase the dip once again and propel the pair above the downtrend line, it is likely to attract further buying. A buying opportunity is likely to open up for the bulls if the price sustains above the downtrend line.

Partnerships with Neo

NEO-Based DEX Partners With Zilliqa to Add Ethereum and EOS Assets

NEO-based decentralized exchange Switcheo partnered with Zilliqa blockchain to pave way for trading of assets from the Ethereum and EOS blockchains on the platform. According to an announcement on March 16, after the launch, Zilliqa token holders will be able to access Ethereum-based assets for the first time. A Switcheo spokesperson also informed Cointelegraph that there are arrangements to add Bitcoin (BTC) support as well. The two teams plan to launch a minimum viable product by the end of Q2 2020 and external user acceptance testing by Q3. The development is expected to conclude by 2021.

Neo and Switcheo Deepen Partnership With Significant Investment From Neo Eco Fund

Switcheo announces an equity investment by Neo Fund.. Underscoring Neo strong community commitment through its EcoBoost initiative. Since its launch in May 2019, the  Neo EcoBoost program has played a key role in accelerating the growth and development of the Neo ecosystem by providing entire life-cycle support for projects and developers, thus showcasing Neo’s community-centric ethos. In addition to investing in Switcheo, Neo is also committed to supporting the Switcheo Token (SWTH) by financing the redemption of SWTH tokens for GAS tokens to further boost confidence in the SWTH token by funding the SWTH/GAS market on Switcheo Exchanger Moreover, the price of SWTH will be supported with a price floor at a rate to be determined at a later date. At the same time, Switcheo will deepen its support for the Neo ecosystem by allowing trading fees on Switcheo Exchange to be paid using GAS tokens instead of SWTH tokens. With this change, Switcheo will burn SWTH tokens off the market manually from fees collected every quarter. This new mechanism will provide traders with greater transparency as specialized trackers will no longer be needed to monitor burnt SWTH tokens. As a leading decentralized cryptocurrency exchange on the Neo blockchain, Switcheo now allows trading of EOS, Ethereum, and NEO tokens as part of its promise to deliver a world-class trading experience by enabling cross-chain swapping capabilities across multiple blockchains.

“Neo and Switcheo are aligned in their vision of supporting an open community that builds upon the decentralized ethos of blockchain technology,” says Founder of Neo, Da Hongfei. As the preferred decentralized exchange on the Neo blockchain, Switcheo will continue to work in tandem with Neo in maintaining a robust developer ecosystem.”We are delighted to announce this timely partnership as it is an exciting time for Switcheo with several new projects in the pipeline. With Neo’s support, this strategic partnership will further strengthen the Neo community and set the stage for Switcheo’s up-and-coming decentralized finance products,” says CEO of Switcheo, Ivan Poon

Conclusion

Neon has shown great character and consistency in the bullish trends in the last quarter, a feat that looks to continue in the future as such can be relied upon for good returns on investment.

All opinions expressed in the above article are solely of the author’s and do not reflect the opinion of the Global Crypto Alliance Ltd., any of its affiliations or any other company. This article is for informational and entertainment purposes only and should not be relied upon as a basis for investment decisions. The Global Crypto Alliance Ltd. strongly recommends that readers conduct their own research and due diligence into the company, product or service, if any, that may be mentioned in the above content.