Tanya Abrosimova
Independent Analyst
- NEO network will be integrated with the Chinese state-backed blockchain.
- NEO/USD jumps by over 6% on a day-on-day basis amid positive news.
NEO is the 21st largest digital asset with the current market capitalization of $787 million and an average daily trading volume of $285 million. The coin is most actively traded on Binance and OKEx against USDT and BTC. At the time of writing, NEO/USD is changing hands at $11.42. The coin has gained over 6% in the recent 24 hours and stayed mostly unchanged since the start of the day.
NEO integrated into Chinese Blockchain-based Service Network
China proceeds with its plan to become the global infrastructure provider for blockchain solutions. Starting from August 10, the developers of six private blockchains - Tezos, NEO, Nervos, EOS, IRISnet and Ethereum - will be able to build their apps and run nodes on the Chinese state-backed Blockchain-based Service Network (BSN). The country confirms its policy of aggressive expansion with emerging technologies, including 5G and Artificial Intelligence.
The public blockchains will benefit from BSN’s cheap services and interoperability corporate blockchains integrated with the ecosystem. Moreover, they will get access to financial data from China UnionPay.
We’ve taken a lot of thoughts about who would be the first public chains to be integrated. Besides Ethereum and EOS we have disclosed in April, we decided to include another international public chain Tezos, and two prominent China-originated projects NEO and Nervos, Yifan He, CEO of Beijing Red Date Technology, commented.
NEO/USD: Technical picture
NEO/USD topped at $11.52, which is the highest level since June 11. While the coin has retreated to $11.40 by press time, it is still above the critical support area created by psychological $11.00 and $10.70 (50-hour and 200-hour SMA, the lower line of the 1-hour Bollinger Band). If it is broken, the sell-off may be extended to $10.00.
On the upside, a sustainable move above Tuesday's high of $11.52 is needed for the upside to gain traction. The next resistance comes at $12.00 and $13.82, which is the highest level since June 2.
NEO/USD 1-hour chart
Note: All information on this page is subject to change. The use of this website constitutes acceptance of our user agreement. Please read our privacy policy and legal disclaimer. Opinions expressed at FXstreet.com are those of the individual authors and do not necessarily represent the opinion of FXstreet.com or its management. Risk Disclosure: Trading foreign exchange on margin carries a high level of risk, and may not be suitable for all investors. The high degree of leverage can work against you as well as for you. Before deciding to invest in foreign exchange you should carefully consider your investment objectives, level of experience, and risk appetite. The possibility exists that you could sustain a loss of some or all of your initial investment and therefore you should not invest money that you cannot afford to lose. You should be aware of all the risks associated with foreign exchange trading, and seek advice from an independent financial advisor if you have any doubts.
Recommended Content
Editors’ Picks
Ripple wipes out weekly gains, experts comment on role of Ripple stablecoin
Ripple declined to $0.52 on Thursday, erasing all gains registered earlier this week. Ripple SVP Eric van Miltenburg’s comments on the firm’s stablecoin, and how it is expected to benefit the XRP Ledger and native token XRP have raised concerns among crypto experts.
Hedera HBAR slips nearly 10% after air is cleared on mistaken link with giant BlackRock
HBAR price is down nearly 10% on Thursday, partly erasing gains inspired by the misinterpreted link with BlackRock. Despite the recent correction, Hedera’s price is up 44% in the past seven days.
The reason behind Bonk’s 105% rise and if you should buy now Premium
Bonk price has shot up 105% in the past five weeks. A retracement into $0.0000216 or the $0.0000152 to $0.0000186 imbalance would be a good buying opportunity. Patient investors can expect double-digit gains from BONK that could extend up to 70%.
Injective price weakness persists despite over 5.9 million INJ tokens burned
Injective price is trading with a bearish bias, stuck in the lower section of the market range. The bearish outlook abounds despite the network's deflationary efforts to pump the price. Coupled with broader market gloom, INJ token’s doomed days may not be over yet.
Bitcoin: BTC post-halving rally could be partially priced in Premium
Bitcoin (BTC) price briefly slipped below the $60,000 level for the last three days, attracting buyers in this area as the fourth BTC halving is due in a few hours. Is the halving priced in for Bitcoin? Or will the pioneer crypto note more gains in the coming days?