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NEO Corrects Lower From $15.83, Now Sitting At $14.83

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The NEO cryptocurrency has recently astounded the traders. It all started when the NEO coin news and updates showed that an increase is coming and the coin jumped almost to the $16 levels. Now, we can see that NEO corrects lower from the $15.83 high that it found but even in the $14 region, the cryptocurrency is stable.

What many analysts pointed out is that the rest of the month might hit the same. The current selling pressure for NEO might stay for a while and the closing of the week might be dramatic, too.

Yesterday, the NEO coin was trading at $13.94 and in the next 1 hour and 42 minutes, the NEO coin news showed an update as the cryptocurrency hit $14.36. After that, the currency slipped marginally but recovered to $14.75 in the next 5 hours. Following this movement, the NEO price locked at the same level and surged to $15.31 to stay there only for a while after it dropped to $14.84. Then, many reported that NEO corrects and saw that the upsurge was stuck at 6.57% only.

A movement for the NEO project and its token would be good at this point. The price counters moved from $14.84 to $15.77 by 6.24%. After reaching the high, the currency price locked around the same levels for a while. From this high, however, NEO faced steep fall and the price dropped to $14.55 showcasing a huge fall of 8%. As per the analysts from Trade99, the coin might drop in the upcoming hours if the current downward momentum remains intact.

The immediate resistance level for NEO is now at $15.46 and the immediate support level is now at $13.13. The support level could get breached as NEO corrects and all of this support can be lost due to the pressure.

Anyways, NEO is in a good position and only lost 2.92% overnight as a correction from its previous levels. Now, the altcoin news and rumors show that the coin is expected to rise again and go from $14.93 to a price level above $15.

As NEO corrects, many are following the coin with similar movements. In the top 10, the biggest loser is Bitcoin SV (BSV) which managed to shed 4.36% off of its price and stabilize at $351. In the top 20, Ethereum Classic (ETC) is leading the gains with a 5% drop and a new price of $11.74 today.

DC Forecasts is a leader in many crypto news categories, striving for the highest journalistic standards and abiding by a strict set of editorial policies. If you are interested to offer your expertise or contribute to our news website, feel free to contact us at editor@dcforecasts.com

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NEO Analyst Estimate Huge Move For The Cryptocurrency

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NEO surged 115% since the middle of December of 2019, a real rampage. Besides the meaningful bullish drive, a well-known technical NEO analyst thinks that the crypto has the potential to grow even more so let’s find out more in the upcoming NEO news. A renowned trader and NEO analyst in the cryptocurrency community, Scott Melker, not long ago pointed out that the NEO/BTC trading pair broke out of an inverse head-and-shoulders- pattern. This poses a trend reversal formation that started to develop on the 1-day chart of NEO for a period of ten months, according to Melker. Now that NEO breaks the neckline point, Scott Melker anticipates a 50% growth that can take NEO to a high of 2,100 satoshis or something about $0.20.
 “This is still my favorite long term setup right now, which is saying a lot. Price broke out of the massive inverse head and shoulders and is testing horizontal resistance. Volume is rising daily, price tends to follow. Flipping 1528 to support should set this on fire,” said Melker.
Because of the extended time period that was needed for the development of the inverse head-and-shoulders pattern, Scott Melker says that there is: “no reason to turn bearish on setup this massive.” But a daily candlestick close below the right shoulder at 1,150 staoshis can invalidate the bullish attitude. A glans at the NEO/USD trading pair also presents the potential for a preposterous grow. Grounded on its 1-week chart, this crypto looks like it is forming in an ascending triangle. The development of this technical pattern is a causal consequence of the price movements of NEO. Along with the swing highs, a horizontal line was produced, and also alongside the swing lows, a trendline appeared. While, NEO can still pull back to the hypotenuse before it breaks out, at last, the $17.60 resistance level is representing an important price point to which attention should be focused. Progress above this price barrier can be the cause for a 70% growth that will directly result with the price of $30. Jesse Livermore, a well-known master of day trading, once said:
“Do not anticipate and move without market confirmation. Being a little late in your trade is your insurance that you are right or wrong.”
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NEO Live AMA Event Discusses NEO’s Blockchain Capabilities

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The NEO Global Development (NGD) and the Incognito Chain participated in the NGD English Neo Live AMA Event on Thursday, February 20. This event was the first Live event where the hour-long conversation was recorded in a video format. The marketing manager, Songping Que, as well as the NGD eco growth manager Sarah Song along with the head of growth at Incognito Chain, Andrey Bugaevski, participated in the event. The NEO blockchain news gave a unique perspective on privacy and decentralized finance (DeFi), how incognito works and the next steps for incognito integration with Neo as well as other questions from the community. The NEO live AMA event started with an introduction from the NGD team where Song iterated the NEO efforts in integrating data privacy into its blockchain. Knowing that a blockchain is an open ledger, data can only be tracked by third parties which may negatively impact the willingness to store documents such as an individual's finances or business statements. In order to remedy the issue, NGD partnered with Incognito Chain, building privacy based solutions for the NEO blockchain. Bugaevski also cited one article in the NEO live AMA event - an article which exposed 133,000 unique names registered through the Ethereum Name Service. The authors followed trails of transactions and deduced total digital asset holdings in other wallets, business deals and events that people may attend in the future. One of NGD's primary goals for the future, as the cryptocurrency news showed, is to build infrastructure and support DeFI projects, encouraging them to build on top of NEO. In 2020, the company intends to offer a variety of features which are necessary for DeFi services such as credit and lending, custodial and non-custodial exchanges, payments as well as liquidity providers.
“Privacy is really important, [though] the underlying infrastructure will remain the same. But, Neo will use tools to implement privacy-protecting protocols (e.g., MimbleWimble, ring signature protocols, etc.)," Song stated.
More specifically, in the NEO live AMA event she said that the cryptocurrency project intends to integrate second layer scalability and privacy solutions.
“We want to have tools so that smart contracts can have privacy features; especially so inputs, outputs, and executing the smart contract can be shielded,” she concluded.
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NEO Moves In A Bullish Trend, Gaining 12% In A Day

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NEO moves in a bullish trend as it reached a market capitalization of $1.03 billion and gained nearly 12 percent in the recent 24 hours amid the strong bullish momentum as we are reading in the NEO Coin news. The coin hit $14.69 during the Asian trading hours which is the highest level reached since July 2019. The actual reasons for the spectacular growth of NEO remain unknown and the coin is moving in sync with the bullish sentiments on the market, making NEO the 19th largest digital asset by market cap. NEO Global Development NGD had to delay the NEO DevCon in 2020 because of the deadly Coronavirus outbreak and the team explained in a report:
‘’Although we have to delay some planned offline events such as the much anticipated Neo DevCon due to recent travel and visa restrictions, we are already working hard for a more exciting event that will showcase more progress on Neo3 and ecosystem projects.’’
The conference was scheduled in late April 2020 and was supposed to happen somewhere in Europe but the travel bans and restrictions introduced by a few countries there forced the team to delay the event. NGD promised to update the community on the new dates when they become known. As it is visible on the 4-hour charts, NEO moves in a bullish territory and the pair bottomed at $7.78 at the end of 2019.  Since then, it has been moving within an upside channel so several other lows confirmed that the bullish trend will stay intact as long as the price stays above $12.30. The barrier is formed by SMA100 4-hour and once it gets out of the way, the downside momentum will likely gain traction with a new focus on $11.50 reinforcing with the SMA 200 4-hour. Another sustainable move below this area will worsen the technical picture and will deny all of the bull case scenarios. On the upside, a slight move above the recent high of $14.69 will unlock the bullish potential with a focus on $15.00. As the NEO coin new suggests, the NEO/USD pair will likely get another chance of revisiting the SMA100 weekly and reach a new price of $19.35
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NEO Invests In The Most Popular DEX SwitchNEO

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NEO invests in its first and most popular decentralized exchange (DEX) SwitchNEO according to a blog post that was published just a day ago as we are reading in our NEO coin news. According to the blog post, the investment was done through the NEO EcoBoost program which is an ecosystem funding effort that is run by NEO and a few other partners and though NEO has not revealed the size of the investment, it has already gathered $100 million for the platform in total. Switchneo went live in 2018 and is now the most popular decentralized exchange out there and is known for offering a simple token swap just as ShapeShift does. However, since the platform mainly supports a token that is NEO based or EOS and Ethereum, there’s little support for many major coins. However, since NEO invests, this can can boost the platform and make it more effective. Starting in February, SwitchNEO will allow the users to pay for trading fees in NEO GAS, which the native fee token of the blockchain. SwitchNEO will no longer use the SWTH tokens for free payments and will allow the users to swap the two tokens in the app itself. Since the GAS is more commonly held rather than SWTH, the NEO users can find the exchange much more accessible. The investment by NEO will also be useful for later developments as the CEO of SwitchNEO Ivan Poon suggests that the funding will help the company realize ‘’several new projects in the pipeline’’ including more DeFi products. In the meantime, the founder of NEO, Da Hongfei, stated that NEO and Switchneo will continue to work together on the further development of the Neo ecosystem. NEO offers a rather small selection of decentralized exchanges and one notable DEX, Aphelion closed in 2019. Nash is now the closest competitor to Switchneo but it experiences about 1/20 of the daily volume of the platform which stands at $160,000. Trinity Network, however, offers a smaller but potentially more useful NEO-to-ETH Swap tool. At last, there is a limited demand for the NEO DEXes and the NEO-based tokens are the most actively traded on the centralized exchanges such as Binance, Huobi, and KuCoin which list several of the blockchain’s custom tokens. SwitchNeo has a high standard relative to the other DEXes that are NEO based and this is considered an accomplishment in its own right.
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