NEO Gears up for upcoming upgrade: Version 3.0 is on track while NEO price is stuck below $35.00

NEO price has declined at least 17% from the highs traded in July of $40.45. The asset is currently trading at $33.59, although the upside has been capped below $35.00, along with the slide on the day to lows of $33.21. The current selloff has led to an increase in trading volume from $88.4 million traded on July 7 to $193.4 million recorded at the end of the session on Tuesday 10. On the contrary, the market capitalization has taken a downturn.

The development team at NEO has released more details of the upcoming upgrade; NEO 3.0. The community has been anticipating the details of the project which could eventually help the asset recovery from the current dip. NEO has been known to come up with projects that impact the digital space, for example, the Ontology (ONT). The project is relatively young but it is currently ranked 25^th in the market. Ontology has switched to its own mainnet although it existed as a NEP-5 token from the beginning.

There is growing speculation in the NEO community, especially concerning the NEO 3.0 version upgrade. It is likely that this and other upcoming NEO projects will be instrumental in helping NEO price shake off the selling pressure and hit beyond $50.00 in the medium.

NEO 3.0 has been in the kitchen since the second quarter of 2018 and team reckons that this upgrade will be a full package. Erik Zhang, a developer at NEO was reported to have said that the new upgrade is going to be enterprise-ready and it will have the capability of handling large-scale scale applications. Running smart contracts will be cheaper on the new platform.