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NEO Fails to Complete Bullish Pennant Pattern

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NEO

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

XNO Token of Xeno NFT Hub listed on Bithumb Korea Exchange

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Hong Kong, Hong Kong, 25th January, 2021, // ChainWire //

Xeno Holdings Limited (xno.live ), a blockchain solutions company based in Hong Kong, has announced the listing of its ecosystem utility token XNO on the ‘Bithumb Korea’ cryptocurrency exchange on January 21st 2021.

Xeno NFT Hub (market.xno.live ), developed by Xeno Holdings, enables easy minting of digital items into NFTs while also providing a marketplace where anyone can securely trade NFTs.

The Xeno NFT Hub project team includes former members of the technology project Yosemite X based in San Francisco and professionals such as Gabby Dizon who is a games industry expert and NFT space influencer based in Southeast Asia.

NFT(Non-Fungible Token) technology has recently gained huge focus in the blockchain arena and beyond, making waves in the online gaming sector, the art world, and the digital copyrights industry in recent years. The strongest feature of NFTs is that “NFTs are unique digital assets that cannot be replaced or forged”. Unlike fungible tokens such as Bitcoin or Ether, NFTs are not interchangeable for other tokens of the same type but instead each NFT has a unique value and specific information that cannot be replaced. This fact makes NFTs the perfect solution to record and prove ownership of digital and real-world items like works of art, game items, limited-edition collectibles, and more.

NFTs are already being actively traded in markets globally. For…

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Altcoins

Should Crypto Projects Devote Resources to Community Growth and Marketing?

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2020 has been an incredible year for crypto as investors have generated windfall profits and crypto projects have seen their businesses gain the spotlight they’ve been looking for.  While Bitcoin has received most of the attention after major institutional investors announced they were accumulating the increasingly scarce asset, many altcoins have also seen their fair share of glory.  When looking at all the big winners of the past year, the first project that probably comes to mind is Chainlink, having appreciated by more than 550% YTD and now valued at over $4.5 billion.  But, the actual biggest winner of the year is HEX with a YTD return of over 5,000%.

I mention both of the above projects as they have each taken slightly different paths to achieve greatness.  Chainlink has devoted resources toward building a fundamentally sound business with many strategic partnerships while HEX has spent vast sums of money on marketing and promotion.  Both approaches are valid, but one thing is certain, it is absolutely imperative for crypto projects to let the crypto community know what makes them special.  Of course, one of the reasons that makes crypto so valuable is the powerful blockchain technology that most projects are utilizing.

Cryptocurrency vs. Blockchain Technology

It’s important to make a distinction between blockchain technology and cryptocurrency.  Although they are often used interchangeably, they are different.  Blockchain technology and crypto were both created after the 2008 financial crisis, but cryptocurrency…

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Altcoins

XENO starts VIP NFT trading service and collaborates with contemporary artist Hiro Yamagata

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Hong Kong, Hong Kong, 24th December, 2020, // ChainWire //

The XENO NFT Hub (https://xno.live) will provide a crypto-powered digital items and collectables trading platform allowing users to create, buy, and sell NFTs. Additionally it will support auction based listings, governance and voting mechanisms, trade history tracking, user rating and other advanced features.

As a first step towards its fully comprehensive service, XENO NFT Hub launched a recent VIP service to select users and early adopters in December 2020 with plans for a full Public Beta to open in June 2021. 

“NFTs are extremely flexible in their usage, from digital event tickets to artwork, and while NFTs have a very wide spectrum of uses and categories XENO will initially focus its partnership efforts and its own item curation on three primary areas: gaming, sports & entertainment, and collectibles.”, said XENO NFT Hub president Anthony Di Franco.

He also added “This does not mean we will prohibit other types of NFTs from our ecosystem However, it simply means that XENO’s efforts as a company will be targeted into these verticals initially as a cohesive business approach.”

Development and Procurement Lead, Gabby Dizon explained, “Despite our initial focus, we found ourselves with a unique opportunity to host some of the works of Mr. Hiro Yamagata. We are collaborating with Japanese artist Hiro Yamagata to enshrine some of his artwork into NFTs.”

Mr. Yamagata has been…

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