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NEO Fails to Complete Bullish Pennant Pattern - Global Coin Report
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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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The Crypto Space Once Again Divided Over Bitcoin SV

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Bitcoin SV
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The crypto community is a strong one, one that managed to bring digital currencies from nothing to an industry worth hundreds of billions of dollars. However, while its strength in this regard is undeniable, the crypto community can be just as fragile given the appropriate conditions. With that in mind, the conditions seem to have been set for a new divide, although the cause is once again the same — Dr. Craig Wright and his Bitcoin SV (BSV).

Craig Wright vs. the (crypto) world

Dr. Craig Wright, the chief scientist at nChain, and the creator of Bitcoin SV. has been a well-known and very controversial figure in the crypto industry. Wright was suspected of being Bitcoin’s creator several years ago, which is possible because no one knows who is behind the name ‘Satoshi Nakamoto.’

Wright was believed to be him, and one theory claimed that he and his friend were responsible for giving life to BTC. However, the theory quickly died out, but not before Wright seemingly liked the idea of assuming the mantle of Nakamoto. He himself started claiming to be Bitcoin’s mysterious creator ever since.

Of course, he managed to gather up some followers, but the majority of the crypto community — while confused — did not believe him. Luckily, there is no need for trust, and Wright should easily be able to prove that he…

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Are XRP and Ripple Going to Be Worth Anything by the End of 2019?

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Ripple
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One surprise recently was when XRP took over Ethereum’s long-held second place in the Market Cap leaderboards. It quickly went back to its traditional and respectable third place behind Ethereum, but it could be a sign of things to come.

XRP has a lot of clout in the market because of the platform it is based on, which is Ripple. A coin that is used for a very specific purpose and with a long term goal in mind is always going to fare better than others. Litecoin, Bitcoin Cash and others have come about because of disagreements in Bitcoin. Therefore they offer nothing except an alternative to Bitcoin as a pure cryptocurrency, while Ripple (and XRP along with it) has something tangible behind it.

Big Banks Back Ripple

Ripple was created in 2012 for a specific reason. It aimed to become a faster and more efficient method to transfer value between banks and countries. This value can be almost anything from currencies to other instruments. While initially, banks were cautious about investing in the company, recently they have been lining up. The crypto winter has helped with innovation int he industry and Ripple has benefitted immensely for it.

The various payment solutions based on Ripple such as xRapid and xCurrent are seeing a large uptake, and this is having an amazing effect on XRP as a whole.…

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Bitcoin, Litecoin, Ethereum, and Ripple On the Rise

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Bitcoin
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The recent development in the cryptocurrency industry is a rise in price for many of the core digital coins. We believe that the unexpected price hike is due to the renewed interest of the key players in the industry. Many investors, speculators, and traders are rushing into the number one cryptocurrency; Bitcoin like never before. Other altcoins such as Ethereum, Ripple, and Litecoin are not dormant either. The effect of the influx is the soaring prices of the digital coins within seven days.

The price of the crypto leading giant-Bitcoin has increased at 25.74 percent in one week. Ethereum also gained 18.76 percent increase in its price. Litecoin and Ripple also recorded some percentage increase in the tune of 53.20 percent and 16.12 percent respectively. It is no just these few popular coins that have gained in one week. From what we have gathered, 94 digital coins amongst the leading 100 cryptocurrencies are also experiencing the rise in price. This information is according to what TradingView published in April 2019.

According to them also, other cryptocurrencies gained in value while others declined. From their calculations, six digital currencies advanced while ninety-four was on the decline. Also, another information shows that the increase in Bitcoin price has reduced the value of other assets such as bonds and stocks.

The possible reason for the rally

Many people are wondering…

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