Connect with us

Blogs

NEO Fails to Complete Bullish Pennant Pattern

Published

on

NEO
READ LATER - DOWNLOAD THIS POST AS PDF

It has been a busy week for the top twenty cryptocurrencies in the market, with unexpected spikes and slumps in prices experienced by almost all tokens in question. Of late, one of the most successful cryptocurrencies in recent times, NEO, has also not been spared from registering red candles on the daily chart, six of them to be precise.

NEO, which has seen immense success over the years since its introduction 4 years ago, is currently placed at Rank 11 according to coinmarketcap.com, valued at $52.98 USD as of 31/05/18. The current market cap for the Cryptocurrency is $3,443,869,000 USD, which is reflective of the success they have attained. It should be noted, that like the majority of other cryptocurrencies, NEO’s price has fluctuated to a great degree in the last 2 years. For instance, NEO was valued at $ 47.99 (High) on Aug 16, 2017, and was followed by a direct slump to $30.44 (High) as on Sep 04 2017. The situation again replicated early this year, when NEO’s price reached a High of $168.14 (High) on January 29 and then again straight down to $66.70 on March 18th.

Current Market Scenario

On Wednesday (30th May), the bulls failed to maintain momentum, with NEO’s price reaching a high of $53.31. In particular, the heavily traded NEO/USD pair ran into stiff resistance within the $53 area. Analysts everywhere agree that the NEO/USD pair is still locked in a “sideways consolidation”. They also agree that since the pair has gone below the 23.6% Fibonacci level, and firm support is to be experienced at the 45$ mark.

NEO in the news this past week

NEO has comparatively maintained a low profile in the news lately, with the recent partnership news with Ontology completed on 24th May. It was reported that a joint task force with an estimated total capital contribution of RMB 4 million is in the works after a joint collaborative effort by The Ontology Network and NEO. The main aim of this joint task force is to develop an industry standard for APIs as well as other improvements in smart contract and cross-chain technology. The team consists of high profile team members from both projects as well as additional handpicked members from the NEO community. Blockchain project Wen Junie, Tan Yuan and Peter Lin are also linked with the project.

The team is tasked with making improvements in the following sectors:

• To develop a GO Compiler, complete with its own development environment compatible with the NEO VM.
• To increase the adaptability of NEO VM, making it the sole platform to run smart contracts.
• To develop a standardized SYSCALL rule for a namespace, which in turn enables cross chain deployment of smart contracts.
• Conducting Research & Development on Highly Efficient Native Contract Mechanism

The task force, as mentioned above, is also responsible for developing API Standardization, particularly,

• Standardizing Data in the protocol layers of both Ontology and NEO
• Sharing some part of the SDKs and development tools on both the networks.
• Standardizing address encoding to increase user-friendliness.

Final Thoughts and Verdicts

The fact that NEO investments are radically different than other similar cryptos makes it a viable investment option in the coming weeks. NEO focuses on real-world application of implementing blockchain technology. The team has also designed the ecosystem in such a way, so as to provide compliance with the anti-crypto regulations of China. If past trends are to be followed and believed, the path to NEO’s success cannot be undermined, and the Cryptocurrency is expected to rise in value again in the next few months.

For the latest cryptocurrency news, join our Telegram!

Disclaimer: This article should not be taken as, and is not intended to provide, investment advice. Global Coin Report and/or its affiliates, employees, writers, and subcontractors are cryptocurrency investors and from time to time may or may not have holdings in some of the coins or tokens they cover. Please conduct your own thorough research before investing in any cryptocurrency and read our full disclaimer.

Image courtesy of Pexels

Bitcoin

Investors Beware: Another Large Bitcoin Crash Might Be Coming

Published

on

Bitcoin crash
READ LATER - DOWNLOAD THIS POST AS PDF

The crypto prices have surged quite high in the last few months. Of course, their progress is nowhere near the one seen in 2017, but they appear to be getting there, one day at the time. However, things might not be as simple as that, and according to recent performance — it is more than possible that a major Bitcoin crash is incoming.

The fact is that cryptos saw a massive amount of growth in a very short period. Bitcoin itself more than doubled its price in only two months. Now, the rally is starting to crash in on itself, and the coin is already about $1,000 lower than last week. If such development does come to pass, a lot of people will experience quite large losses, although experienced investors might find some opportunities, and leverage in order to enhance their holdings’ long-term value.

For example, Bitcoin dominance is expected to crash very quickly, which will work in favor of quite a lot of altcoins. While this does not seem to be the best time to invest in BTC, altcoins are another story, and diversifying a portfolio now might end up being very profitable in days to come.

Bitcoin behavior mirrors the pre-bear market situation

The crash that analysts are predicting right now comes as a direct consequence of all the hype that has been building up in…

Continue Reading

Altcoins

Top 3 Coins to Buy Before They Go Big

Published

on

coins
READ LATER - DOWNLOAD THIS POST AS PDF

Crypto bulls are back, that much is clear. The long-lasting, harsh crypto winter is gone, and the new era in digital currency sector opens up some rather interesting opportunities. With many more bull runs expected to come in months ahead, a lot of coins are likely to blow up and maybe even hit new all-time highs, although that still remains purely theoretical.

On the other hand, the fact is that numerous coins are seeing prices that were not achieved since early 2018, and the overall momentum remains bullish. With that in mind, even if new records do not come for a very long time — chances are that many of the coins will blow up enough for investors to see some serious gains in months to come. As a result, investing in some of these coins now might be a very profitable decision, for those who have the patience to wait a few months. Here are some of the projects believed to have the greatest potential to go big in the second half of 2019 and beyond.

1. TRON (TRX)

Putting TRON on the list should not really surprise anyone, as the project constantly comes up with new project updates, partnerships, and alike. It also constantly breaks records, as is becoming one of the biggest players in the dApp and smart contract development sector.

In the past few…

Continue Reading

Blogs

Can Crypto Credit Cards Disrupt the Fight Against Financial Crime?

Published

on

crypto credit cards
READ LATER - DOWNLOAD THIS POST AS PDF

It is commonly known that the world of finances has the biggest problem with the crime of all existing industries around the world. It has been so throughout history. While the financial world has evolved, so did the criminal activities, and they continue to be an issue. With the arrival of cryptocurrencies, many were hoping that financial crime might be disrupted. However, for now, at least, it appears that cryptos themselves cannot find a way to resolve issues such as international money laundering.

In fact, when it comes to money laundering, the crypto sector appears to be the weakest link, especially because of the nature of digital currencies. The anonymity that cryptos are being praised for means that anyone can get a payment from an unknown source from anywhere in the world. This method can then be used for financing drug trafficking, cyberattacks, terrorists, and more.

Until recently, it was not easy for bad actors to make use of cryptocurrencies obtained for illegal purposes. The number of merchants willing to accept the coins was low, and criminals were forced to find a way to exchange crypto into fiat currencies. However, this came with a set of issues, such as taking foreign exchange risks and then sending the money through wallets and exchanges to a banking system that would allow withdrawal. The banking account was the biggest obstacle here,…

Continue Reading

Elite