The bears went back into their caves for the weekend and bulls came out to run. Bitcoin’s explosion has led to a solid recovery from various altcoins with good fundamentals. One of those coins is certainly NEO, the China-based “Ethereum killer”. NEO has been experiencing a quality period of green, with its price rising 11.88% in the last 24 hours. Starting the month at$30, the coin has exploded up to $38 and has since consolidated at just below $37 on June 3rd. The recovery gave NEO a market cap of $2,383,439,500 and allowed it to overtake Monero at the 12th spot of cmc’s lists of most valuable cryptocurrencies.
The feeling around the market is that a bit of a retraction is in order. A support is found at $34 and NEO should look to consolidate around that level. The resistance is currently located at $39-40 and if the coin breaks through this, we could be headed for the next strong resistance at $42.
NEO remains as fundamentally solid as it ever was. The smart contract-based dApp hosting platform has been working hard on developing its features and will be looking to take over the Asian markets with its product. Driving the Matrix metaphors into the ground, NEO developers gave their large community the name “City of Zion”. This community has already managed to create a lot of important elements of the project, which include the NEON wallet, NEOMon, NEOSCAN and NEO Portal and will definitely look to improve the project’s fortunes even further.
And these fortunes will be improved just a day after I write this article, it seems. NEO’s official twitter account just posted the image above, with the date of July 4th (GMT+8) being marked down as significant. While the haiku on the image doesn’t tell us much, we can presume that it perhaps has something to do with the latest Trinity State Channel protocol launch. The image does suggest that NEO be looking to address the issue of decentralization that it has been struggling with, so much so that some people are certain that it will be declared a security by the American SEC.
In other news, NEO-based Ontology is about to move to its own blockchain. While this departure leaves NEO with one of its most successful projects, it also highlights how far NEO has come in less than two years since its inception. Ontology project rivals many Ethereum-based ones, which signals that NEO might be the closest thing to a competitor that Ethereum currently has.
