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NEO price analysis: NEO/USD gains 9% on a daily basis as NEO team announces a competition among game developers

NewEconoLab offers $500,000 to the developers, who will create the best blockchain-based gaming app.
NEO/USD upside is capped by $40.00.

Tanya Abrosimova Independent Analyst

NEO, the 12th largest coin, is trading at $37.03 to press time, having gained over 10% on a daily basis amid global recovery on the cryptocurrency market. China's flagship coin has a market value at $2.3B with an average trading daily volume at $130M, which is notably higher than Monday's $96M.

NewEconoLab, the team of NEO developers, decided to promote the technology promotion and adoption by holding a competition among 160 game developers with the aim to create NEO-based gaming apps.

NEO team allocated over $500,000 in GAS (NEO currency) to attract developers and repeat the gaming phenomenon first encountered in Ethereum network.

According to the rules, the game must be based on blockchain technology; developers also can use smart contracts to store and trade game assets, to manage player information and so on. The winners will be announced on August 15.

NEO's technical picture

Despite a strong recovery from the recent low at $27.03 registered on June 29, the long-term trend is still bearish. The price needs to move above $40.22 (50-DMA) to get a chance for an extended recovery. On the downside, the support is produced by 4-hour SMA at $34.20, followed by $31.40, which is the lower band of a recent range.

NEO/USD, the daily chart

Author

Tanya Abrosimova

Independent Analyst

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