NEO (NEO) Price Analysis: NEO’s Volatility Breaks Market’s Constancy Expeditious Development
NEO referred to as “Chinese Ethereum,” is the first digital coin from China designed to digitalize the various assets and to implement the transactions with the help of smart contracts. NEO’s launching has affected the blockchain positively with an increase in the number of users adhering to it. It works in building a smart economy by bringing together digital assets, digital identities, and smart contracts. NEO has a dual token ecosystem which is used for creating dApps and ICOs. Neo uses unique technology- Delegated Byzantine Fault Tolerance (dBFT) consensus algorithm that beats PoW used by ethereum and Bitcoin.
According to the stats from Coinmarketcap, NEO is ranked 17th largest in the market based on its trading price of 10.23 USD for the Mcap value of USD 665,146,022 at 07:34 UTC. This is determined by the circulating supply of 65,000,000 NEO coins. The market cap value of the cryptocurrency on April 02 at 12:54 UTC trades at USD 702,589,500 for its corresponding 24h volume of $438,491,915 which is relatively higher by 22.01% from equivalent MCap on March 02 with a value of USD 575,860,206. The trading price also grows by a similar percentage from its past to the current of 10.81 USD or 0.00231542 BTC. The volatility of the cryptocurrency has been affecting its values with major variations. The market opened with mcap trading at 480 million and then facing a downtrend period between January 10 and February 08 with the lowest at 11:34 UTC with the value of USD 448,253,981. NEO’s value reached a peak on February 24 trading at USD 684,505,976 (13:34 UTC). Nonetheless, the current value is higher than its peak by 2.64%. The market value trades at a higher price of 10.81 USD offering good resistance support to the cryptocurrency. In addition to this, the 20-day exponential moving average displays an incline in value and price with the values increasing from USD 590,761,271 and 9.09 USD respectively to the current rates with an average of 18.925% giving bulls a ruling hand.
NEO is a potential cryptocurrency that can be invested for a long time. Hence the NEO price prediction is pretty difficult. However, Being crypto expects that NEO will reach a high of 120 USD by the end of 2019 and 200 USD by 2020. Furthermore, it predicts a hike in price up to 450 USD by 2024. This based on the ability of the token to surpass its counter cryptocurrency. Smartereum believes that NEO would increase by an average of 1.5X every year and concludes that the price might shoot up to 1275 USD per token by five years. In contradiction, Long forecast expects depreciation in values by the end of 2019 with values touching 9 USD, which is a high possibility with the current volatility of the cryptocurrency. However, it estimates a price increase up to 21 USD by the end of 2020.
The current peak price, the bulls pressure, and other technicals point towards the inclining market for NEO. However, the volatility of the cryptocurrency does not give the investors with long term investment plans any hope currently. This market can be taken advantage by the traders though. Their short term plans will benefit with higher outcomes and proportionally increase the value of the currency, minimizing its characteristic volatility.