This “Chinese Ethereum” or NEO is the first decentralized open-source network that was launched in China. The aim is to create a distributed network for a smart economy, including digital identity and digital assets.
Antshares was launched in 2017, then rebranded as NEO. The Greek meaning is newness or novelty. NEO helps to convert traditional assets into digital assets. This decentralized system stores the assets with the help of digital certificates. It ensures trust, safety, and security.
NEO also helps in the creation of digital identities for the organization and individuals. It adds a layer of security with multi-factor authentication.
The smart contract technology of NEO is different from other blockchain-based smart contracts. You can easily code other smart contracts using C# and Java, but you cannot use the same strategy for NEO smart contracts. You have to learn how to use NEO’s Universal Lightweight Virtual Machine.
Besides that, it also supports decentralized applications with advanced tools and techniques. Interestingly, it has two coins NEO and GAS. Among these two tokens, NEO is an investment token with a hard cap of 100 million. On the other hand, GAS works as a fuel of this network with a hard cap of 100 million.
When writing this technical analysis, NEO/USD is trading around $18.413. If you analyze the daily chart closely, you can find $17.80 is a strong support level, and today’s candlestick is trading over this level. We think it will hold that level and may not break this time. $21 is a strong resistance level, and we cannot say it is bullish until it breaks the level.
On the daily chart, MACD is bearish with red histograms; RSI is over 41. The Bollinger Bands also reflects bearishness in the market, and we think the price will consolidate between these support and resistance levels.
Is it the best time for the long-term investment? We have to analyze the weekly chart for it. After making an all-time high of $140, it is bearish. Now it has taken support of around $17. The price has been consolidating between a range of $17 and $27.
Most of the technical indicators are neutral, so it is not the ideal time for long-term investment. However, if you believe in the potential of the Neo coin and understand the fundamentals, then you should start accumulating the coin from this level.
