NEO on Track to Build a Smart Economy
NEO (NEO) widely dubbed the “Ethereum of China”, aims to use blockchain technology to digitize assets using smart contracts and a common programming language. NEO’s main aim is to be the distributed network for a “smart economy”. In line with their mission, NEO has incorporated digital assets, smart contracts, and a digital identity that can be used for real-world applications and become integrated into the real economy. It enjoys business-friendly programming support. NEO’s price has been more resilient to the cryptocurrency market slump seen in the first quarter of this year. We see better prospects for NEO price in the second half of this year, based on fundamental and technical estimates.
NEO 3.0 – The New Economic Model
The second half of this year should see more developments on NEO’s promise of a smart economy. The company has already announced it will build a new version of the NEO platform for large-scale enterprises, as per its post dated July 10th.
NEO 3.0 will be an entirely new version of the NEO platform, built for large-scale enterprise use cases. It will provide higher TPS and stability, expanded APIs for smart contracts, optimized economic and pricing models, and much more. Most importantly, we will entirely redesign NEO’s core modules
– Erik Zhang, NEO Co-Founder & Core Developer
The new version of NEO will be designed for high-performance use through features such as sharding, which will allow the platform to scale. It will also feature divisible units.
The NEO token used to be indivisible. It caused some troubles. We are trying to change it so in the future the NEO token will be divisible just like Ether or Bitcoin. That’s one of the biggest changes
– Da Hongfei, CEO
Decentralization to Achieve a “Smart Economy”
On July 4th, the NEO foundation initiated the election of a new consensus node into its mainnet. The candidate node, run by City of Zion (CoZ), is an independent, international group of open source developers working on the NEO blockchain. Decentralization opens up the possibilities of actually achieving a global smart economy.
Currently, NEO is listed on all popular exchange platforms such as Binance, Bittrrex, Bitnex, CoinEgg, and Lbank. Investors still pondering over NEO and its prospects have more than one factor supporting a positive view on this cryptocurrency. While fundamental factors (such as those discussed above) should bode well for NEO over a longer term, technical indicators are painting a positive picture for NEO over the short-term.
NEO Price Analysis – Bullish Crossover in Sight
Our NEO price analysis indicates that the crypto is currently (as of July 12, 12:00 PM UTC) range bound between the $28 (immediate support) and $43 (immediate resistance) price levels. Momentum in price movement is relatively weak with the relative strength index at 37.5 presently.
However, moving averages have a bullish crossover in sight. The 14-day moving average reversed course at the start of July and has been trending upwards since then. Meanwhile, the 50-day moving average is still bearish in trend. Continuing with these trends, the MA-14 and MA-50 may form a bullish crossover (the shorter-term MA crossing the longer-term MA from below) anytime within the coming week.
This should bode well for NEO HODLers as well as prospective investors. Trading at levels last seen in December 2017, NEO currently is a good bargain opportunity.