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Wednesday, June 29, 2022

If I Could Only Buy One Crypto, NEO (NEO) Would Be It

What is NEO?

NEO or more famously known as “the Chinese Ethereum”. Like Ethereum, NEO is primarily a platform for the distribution of decentralized apps through smart contracts. Due to the similarity of the project to Ethereum, it is dubbed at the Chinese Ethereum – Chinese because of its origins.

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NEO vs. Ethereum

The Chinese Ethereum is believed to possess the potential to give a run to the queen of the market for its money. It has also been considered the better and improved version of Ethereum as it targets the core issues of Ethereum.

Ethereum offers coding in Solidity – a relatively newer programming language developed by the team of Ethereum – whereas NEO offers many common programming languages. This has helped the adoption of the cryptocurrency a lot. Ethereum has struggled with scalability and only time will tell if the new update, ETH2.0, is able to solve this problem or not. In the meantime, NEO offers a great alternative with a transaction processing speed way higher than that of Ethereum

The Chinese government has had a strict stance on cryptocurrencies and many regulations. NEO is the first and the biggest cryptocurrency coming from China. It has also been said that the cryptocurrency has some backing by the Chinese government.

Technical analysis

NEO had been operating at a price level below $30 since it crashed from its all-time high of around $150 in 2018. In the recent bull-run, NEO – under strong bullish pressures – broke various resistance levels and established a price level of $55. After minor corrections, the coin is, once again, on an upward trajectory. At the time of writing, NEO is trading hands $42 apiece.

The market sentiment for the cryptocurrency is bullish with a majority of the technical indicators giving out a buy signal. Most of the Moving Averages stand at buy with a net indication of strong buy; however, the oscillators are giving out a signal of sell.

A trader has identified NEO to have entered a safe zone. The safe zone – at the current price level – has been established as support when the price of the cryptocurrency surged up in the bull-run of 2018. Per the trader, the all-time high price movements have also helped identify major resistance levels. The first resistance level lies parallel to the price level of $100. A successful testing of the resistance level will lead the cryptocurrency to the second resistance at $146.

According to the predictions of Crypto Ground, NEO can be expected to have a price level of $195 in 5 years’ time. While some analysts are not particularly bullish on the long-term predictions of the coin, others are extremely bullish. Coin Fan has estimated that the price of NEO can reach $783 in 2021. These predictions are made in light of the recent developments and the potential NEO has. NEO can be a favorable long-term investment tool, given its current trajectory.

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Muskan Naveed
Muskan is an economist-in-the-making with a knack for writing. What started off as a hobby has now turned into a possible career path. She specialises in fin-tech but would never say no to writing.

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