NEO signs Arqit for quantum resistance project: NEO/USD explores levels under $16.00
|- NEO and Arqit have interest in harnessing the power of quantum resistance technology for the blockchain.
- NEO corrected higher on Thursday surging 4% in a bear market.
- NEO/USD cancels all the gains in the last 24 hours; presently down 1.54% on the day.
NEO Global Development (NGD) announced that it had entered into a partnership with Arqit. The firm is a non-profit organization that is concentrating on a quantum resistance project. The partnership will help both organizations to explore the field of quantum resistance in a bid to improve development in the blockchain industry. The CEO of Arqit, David Bestwick expressed his excitement with the partnership saying:
As one of the biggest blockchain projects and ecosystems in the world NEO has an important thought leadership role and we are pleased to be able to share thinking and development with them on the future of quantum safe blockchain business.
The two entities have shown interest in the field of quantum resistance technology. The challenge that quantum computers have on RSA as well as ECC-based cryptographic contrivances. The director of R&D at NGD, Peter Lin said in a comment:
As a pioneer of blockchain technology and one of the biggest blockchain platforms around the globe, it is important to NEO that we remain at the forefront of technology in areas like post quantum cryptography. We are therefore pleased to partner with Arqit and look forward to a collaboration to help to make all blockchain communities safe in a post quantum environment.
NEO price technical picture
NEO showed its prowess during the trading on Thursday; as discussed in the price analysis yesterday, the digital asset was up 4% on the day. There was a bullish move that started around $17.00 supported by the 50 simple moving average (SMA). The price zoomed higher brushing shoulders with $18.00 but the trend turned bearish as the sellers bit back at the bulls.
At the time of writing, NEO/USD has cut all the gains made on Thursday plus extended declines below $16.00. A slight bullish move is underway and NEO has pulled back above $16.00. The buyers are struggling with the short-term bearish trendline resistance. A sustained break above this level will encounter resistance at $17.00 (supply zone 1) and the upper supply zone at $18.00.
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