The unique aspect of the Neo blockchain network is its dual token system which offers NEO and GAS. While similar, NEO is an investment cum governance token that allows holders to vote on critical development issues. On the other hand, the GAS token is used for transaction fees.
Holding NEO not only offers you the capability of monetizing much higher benefits with proper scaling of Neo blockchain, but it also enables you to take advantage of price trends and the increasing value of this token. Neo blockchain currently ranks at the 50th position with a market capitalization of over $2.68 billion.
NEO Shows Weak Buyer Interest Despite Fall
Despite falling over 40%, NEO cryptocurrency shows little interest from buyers, which would make it difficult to retrace its losses and claim its previous valuations. As of this point, NEO is falling with selling pressure and limited buying action. Since trading close to the lower band of Bollinger Bands indicator, NEO cannot yet bounce back. However, a jump towards the median band indicated in orange color would show some strength.
RSI for NEO has jumped towards level 40 and still holds minimal positivity. Despite the lowering value, RSI has remained stagnant, which concludes small buying action at current levels. MACD is also headed close to delivering a golden crossover indicating positivity in its price action.
Such indications will do wonders for the further scaling for NEO in the short term. However, as compared with market-leading cryptocurrencies, NEO is still down by more than 70%. Therefore, one should be vigilant to invest in a cryptocurrency falling in all time frames, be it hourly, daily, weekly, or monthly.
