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NEO Fails to Complete Bullish Pennant Pattern

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NEO
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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.

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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.

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Altcoins

Aluna.Social is a Compelling Social Platform for Crypto Traders and Investors

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Aluna.Social
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When one thinks about the social media landscape, the companies that first come to mind are most likely Facebook, Instagram, LinkedIn, and Snapchat.  These platforms are a great way to stay connected with friends, families, and colleagues, especially when geographic distance is a factor.  But, in addition to just chatting about life in general and sharing pictures, social media can be used to bridge the information gap that exists within the investment community.

Over the last decade, many trading offices have been established in large cities all over the world which allow solo traders and investors to pay a monthly fee in exchange for a workspace.  The real benefit to trading in these offices is to participate in the free flow of trading ideas and information.  Proprietary trading is one of the most challenging careers to be successful at and the exchange of ideas is almost required in order to succeed.  Traders at hedge funds and investment banks work in teams so why shouldn’t remote traders?

While these trading offices are a great way to help bridge the information gap, Aluna.Social may provide an even better way, especially as it relates to cryptocurrency trading.

Mission Statement

Aluna.Social, founded by Alvin Lee and Henrique Matias, is a multi-exchange social trading terminal for crypto traders and investors.  The goal of the platform is to help newcomers shorten their learning curve,…

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CoinFlip Scores Big with BRD Wallet Partnership

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CoinFlip
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As the crypto markets move closer to mass adoption, one of the keys for future success will revolve around attracting as many market participants as possible.  While many crypto users are extremely tech oriented, a lot of those on the sidelines are not.  The cause of waiting on the sidelines could be due to a variety of reasons such as fear of the unknown, lack of knowledge, age, or a combination of all of the above.  In order to entice new users to join the crypto revolution, crypto ATMs are rising up across the country.  Of those, the largest and most influential crypto ATM company by a significant margin is CoinFlip.

In early October, CoinFlip announced on its Twitter that it had officially partnered with BRD Wallet to re-introduce their crypto ATM map.  Now, BRD wallet users will be able to locate their nearest CoinFlip ATM and receive a 10% discount for both buys and sells.  BRD brand awareness is growing quickly within the crypto community thanks to its innovative and entrepreneurial spirit.  The team strongly believes in the value of financial freedom and independence, and want to empower people across the world by leveraging the possibilities that Bitcoin and other cryptocurrencies provide.

Cryptocurrencies are already making a huge difference around the world.  Citizens of Venezuela, a country devastated by rampant inflation, have been using several cryptocurrencies…

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Cryptocurrency Collateralized Debt Positions Are Growing in Popularity

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collateralized debt position
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While Bitcoin (BTC) continues to hover around the magical 10,000 price level, altcoins continue to fight an uphill battle.  Simply put, hopes of a future bull run continue to diminish as Bitcoin maintains its dominance.  One school of thought is that a few altcoins will survive and flourish, but which ones are anyone’s guess.  That being said, it’s hard to go wrong picking against the top coins like Ethereum (ETH), Ripple (XRP), Litecoin (LTC), and EOS.  These projects have managed to find a foothold in the market and have a better chance than most of staying there.  While traders wait for their positions to increase in value, one opportunity that may be worth looking at is initiating a collateralized debt position.

What is a Cryptocurrency CDP?

In traditional terms, a CDP is essentially putting up collateral in order to receive a loan against the deposited amount.  There are several examples of this in our day to day lives.  Auto title loans from large companies like TitleMax are extremely popular with consumers.  Consumers are essentially able to use their car as collateral in exchange for a cash payment which can then be used for whatever needs the consumer has.  The consumer can continue using their car as long as debt payments are made.

The same concept applies to cryptocurrency CDPs.  Consumers are able to put up crypto tokens, such as…

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