By Dmitriy Gurkovskiy, Chief Analyst at RoboForex
The NEO stopped falling and is trading around $11.50 late this week.
In the long term, the crypto is trading in a tight ascending channel; the uptrend momentum is quite weak, though, and it may seem the NEO is trading sideways. The price has meanwhile bounced off the resistance, which has allowed it to start a reversal, with the NEO trying to stay below the support. The Stochastic, however, is rising, and once it forms a golden cross, the price may well reach the resistance at $13.80 again, but only to then hit the support at $9.20.
The H1 charts show a descending channel, while the price is now correcting and moving to the upper projection channel. The target is probably at $12.82, and once reached, the price is likely to hit the support at $11, and then at $9.60.
NEO has run a scheduled update, introducing dBFT 2.0, an algorithm intended to boost security and streamline performance. The transaction speed has been increased, too,
while the unexpected fork risk has been minimized. This could have supported the crypto, but it actually did not.
The current update is preliminary to NEO 3.0, a large one that should take place in 2020, without any more info known.
As for the TPS, the updated network requires a confirmation within 15s; otherwise, it runs an irreversible transaction. NEO representatives assume this is a good tool for financial strategies.
Disclaimer
Any predictions contained herein are based on the authors’ particular opinion. This analysis shall not be treated as trading advice. RoboForex shall not be held Company for the results of the trades arising from relying upon trading recommendations and reviews contained herein.
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