NEO/USD depressed under $17.00 as a new hard fork looms large

NEO, now 15th largest coin, is trading at $16.77 to press time, within a narrow range. The coin has lost about 1% of its value since the beginning of Monday and over 11% in recent 30 days. NEO has a market value of $1B and an average trading daily volume of $194M.

The fork is coming

NEO blockchain will be forked early in November to give birth to a new coin - NEOX. The NEO network snapshot will be taken on November 10, and each user will receive 2NEOX for 1 NEO. 

"Fork NEO Super is planned for 10 November (20:00 GMT). Faster and smarter than ever, it is based on Ethereum engine and started after NEO snapshot (10th November 20:00 GMT), which means that every NEO holder will receive at the time of snapshot NEO Super in ration 1:2," the team behind the fork announced in Twitter.

Each block will contain 5 NEOX, while mining software will be available for download from GitHub repository. Also, the developers claim that their web-based client does not require to download all blockchain to interact with the network and launch smart contracts.

The total NEOX supply will amount to 225M coins, with 20M will be put off for further development and 5M used for bounty programs.

NEO's technical picture

On the intraday level, NEO/USD recovery is capped by $17.00 with SMA50 (1-hour) located on the approach to this handle. The bulls need to clear this obstacle to push the price the next aim at 17.20-30 congestion zone. On the downside, the short-term support lies at $16.50 followed by psychological $16.00

NEO/USD, 1-hour chart