NEO price analysis: NEO/USD unstoppable, gaining 18% amid decentralization buzz

NEO is unstoppable. The coin gained over 18% within 24 hours and moved back to ten-10 as the community welcomes NEO network decentralization process. The coin's changing hands at $42.32 by press time; the market value spiked to $2.7B, while average daily trading volumes reached $249M from just $72 on Sunday. 

NEO network decentralization process kickstarted with the election of a City of Zion consensus node. It is a group of independent open source developers designers and translators from all over the world, who support the NEO core and ecosystem.

The City of Zion consensus node was launched on NEO TestNet six months ago to make sure that everything will work smoothly. Currently, several independent nodes are also running on the TestNet with the aim to be elected by the end of 2018.

NEO technical picture

On the downside, the local support is produced by long-term sloping trendline coupled with 200-SMA (4-hour chart) at $40.55. Once it is broken, the sell-off may be extended towards $33.8, which is 100-SMA.  On the upside, early Asian high at $43.56 followed by $45.00 creates the local resistance area. Once it is cleared, the recovery may be extended towards $48.95 (July 4 high).

NEO/USD, 4-hour chart