• NEO developers announced a significant network update.
  • NEO/USD stays bid despite the technical correction from the recent high.     

NEO announced the MainNet upgrade, scheduled on June 3. The new update is expected to improve the network stability as all consensus nodes on NEO platform will be moved to neo-cli v2.10.2 with the optimized dBFT 2.0 consensus algorithm, according to the announcement.

"In order to improve network stability, the Network Fee mechanism will also be adjusted. The main change is the addition of an Oversize Fee that will be charged relative to size on transactions larger than 1024 bytes," the developers wrote in the blog post.

The developers explained that the fee changes would not affect ordinary users that perform regular transactions as the primary aim of the changes was to prevent malicious transactions and network attacks. 

"Prior to the MainNet upgrade, it is recommended that all exchanges upgrade their neo-cli to v2.10.2 in advance. NEO related tools or projects should also be upgraded according to the new Network Fee mechanism to avoid any loss due to failed transaction executions caused by insufficient Network Fees," they added.

Meanwhile, the news created a favorable environment for NEO price recovery. The coin has gained over 13% in recent 24 hours and moved to the 19th place in the global cryptocurrency rating to trade at $14.20 after a strong rally to $14.47 during late Wednesday hours. On the intraday level, the price is supported by $13.50 (the middle line of 1-hour Bollinger Band). Once it is cleared, the sell-off is likely to gain traction with the next focus on $13.00 and $12.80 (Simple Moving Average (SMA) 50 1-hour). On the upside, the first resistance comes on approach $14.50 strengthened by the recent high.

NEO/USD, 1-hour chart

Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers. The author will not be held responsible for information that is found at the end of links posted on this page.

If not otherwise explicitly mentioned in the body of the article, at the time of writing, the author has no position in any stock mentioned in this article and no business relationship with any company mentioned. The author has not received compensation for writing this article, other than from FXStreet.

FXStreet and the author do not provide personalized recommendations. The author makes no representations as to the accuracy, completeness, or suitability of this information. FXStreet and the author will not be liable for any errors, omissions or any losses, injuries or damages arising from this information and its display or use. Errors and omissions excepted.

The author and FXStreet are not registered investment advisors and nothing in this article is intended to be investment advice.

Cryptos feed

Latest Crypto News


Latest Crypto News & Analysis

Editors’ Picks

Crypto bulls unfazed by flash crash

Bitcoin price action initially shakes off strong selling pressure, finds buyers at support, then resumes some selling pressure. Ethereum price action mixed post-all-time high rejection. XRP price awaits its own bullish breakout and an opportunity to outperform its peers.

More Cryptocurrencies News

MATIC price ready for new all-time highs as $188 million flow into Polygon

The total number of transactions on Polygon network dropped nearly 15% due to a rise in transaction fees over the past week. This hasn’t negatively impacted the network as the number of unique daily active users remained stable. 

More MATIC News

AVAX price offers a bullish opportunity before Avalanche hits new all-time highs

Avalanche (AVAX) price has seen a bullish outbreak on Thursday after it broke out above – and then retested – the red descending trend line at $61.62. With even more buyers and bulls coming in, expect a run towards new all-time highs at $81.

More AVAX News

XLM price building base for bullish breakout

Stellar bulls are in the last phase of completing a bullish triangle. As XLM price is getting squeezed against the base ($0.40), expect a quick breakout of 12%. After taking a breather, expect another 10% of profits to follow. 

More Stellar News

BEST CRYPTO BROKERS/EXCHANGES




Bitcoin Weekly Forecast: Markets revert to mean, but BTC price remains indecisive

Bitcoin price shows considerable strength after springing from the recent crashes. Still, it is uncertain whether the current bullish impulse will morph into a new uptrend or lead to a more profound decline.

Read the weekly forecast

BTC

ETH

XRP