Good day steemians, it feels good to post again in this 4th week of the crypto trading contest am today I will discussing extensively on the crypto project NEO. Also I will be trading on the crypto pair NEO/USDT.
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NEO popularly nicknamed 'Chinese Ethereum' is one of the latest crypto project innovation in China. Neo first came into limelight in 2016 after it was launched as 'Antshares' by the Antshares team which comprises of Da Hongki and Erik Zhang. This crypto was referred to as 'ANT' before it was rebranded to NEO in 2017. In the same 2017, NEO rose into the top 20 cryptocurrencies after it achieved a market cap of $5 billion market capitalization. Prior to 2017, NEO did an ICO in 2016 where 50% of the NEO token were sold off and the remaining 50% were distributed to the NEO council. Another thing to note about NEO is that it is built on two tokens namely NEO and neo GAS (GAS). The GAS token acts as the fuel that powers the NEO blockchain, not only that, it also secures the entire blockchain network. Also, it's worthy to note that unlike Bitcoin NEO didn't come to existence through mining but rather there were already some pre-set amount of NEO coins based on what was gotten during the ICO in 2016. NEO uses the delegated Byzantine Proof of stake operating protocol and the users within the network are usually rewarded base on the quantity of coin they have at hand.
Furthermore, another interesting fact about NEO network is that assets can be digitized in an open, Decentralized, trustworthy and transparent way devoid of any third party or intermediaries. Now let's take a look at the market statistics of this of this NEO coin.
As we can see in the above image, NEO currently worths $28.17 as it ranks number 59 on the coinmarket with a market cap of $1,986,724,752 and daily trading volume of $452,700,923. The coin also has a circulating supply of 70,538,831.00 NEO.
I'm quite optimistic about this project because it has a lot of potentials. For example NEO uses a special algorithm potential known as the delegated Byzantine proof of stake instead of the conventional proof of work. This Byzantine proof of stake is optimized to decrease the network's vulnerability and it also speed up transaction carried out and ensures scalability. Also NEO has a very very strong market presence with an astonishing market cap of around $1.9 billion, that's a big statement. This project also has a very strong community that is always seeking to improve the platform together with the founding company. However, another reason why I feel this coin has everything to be successful is due to the launch of N3. N3 is the most improved and advanced version of the NEO blockchain, also so many projects has been launched on the N3 blockchain.
WILL NEO RISE ?
Obviously from all indicators, this coin has all the potentials to rise further. It is a good-long-term term investment for crypto investors. According to crypto analysts, NEO price is expected to reach $33.23 by the end of 2022 and by 2025, it has been projected that this coin can reach $50 and possibly surpass it.
In this section, I will be trading the NEO/USDT crypto pair on my Binance account while my analysis will be carried out on the MT5 trading platform. Now, I will go over to the 1hr timeframe to analyze the market.
As seen above, we can see that the general trend for the coin on the 30 mins timeframe is an UPTREND/BULLISH. Now, I observed that price is set at the 'higher low' point and I believe it could go high again.
On the 30mins timeframe, a similar uptrend can be observed and it confirms a possible 'BUY ENTRY'. Also, the RSI is oscillating at the 'OVERSOLD' level which validates a BUY position here.
On the 15mins timeframe above, I proceeded to place a BUY ENTRY as indicated on the chart. My stoploss and take profit was positioned at strategic places using a risk to reward ratio of 1:2.
The image above shows the running trade on my Binance account.
I do not plan to hold it for a long time because I only took a short-term trade and closed my trade after some couple of hours.
Yes, I can recommend this crypto to crypto investors who are willing to add to their portfolios. The reasons are not far-fetched.
The Neo's network allows developers run different smart contracts known as neocontract and design new programs like DAPPs and NFTs using the platform software.
The NEO token which is the platform native cryptocurrency can be used for utility purposes like holding, sending, staking and spending.
Also, it has been speculated among crypto analysts that in the next 4 to 6 years, NEO could surpass its All Time High of $196.85 and reach $500.
Also, this coin has gotten massive support from the Chinese Government because NEO is their own cryptocurrency hence it's treated favorably.
This coin has also gained global recognition and adopted by major businesses such as Alibaba and Microsoft China which is healthy for the development of the platform.
Let's take a look at where the NEO token can be traded. One can exchange, buy or trade this coin on exchanges like Binance, Gate.io, Huobi Global, Kucoin, Bitfinex, Bittrex, Poloniex, OKX, etc. The image below shows the full details on that.
Now, let's take a look at the official website of this platform which is https://neo.org
Also let's take a look at the Neo blockchain explorer below
As seen above, a user can check key details about the Neo blockchain network here like forums example, the transaction going on and the blocks.
In this post, I have been able to discuss extensively the NEO crypto project in relation to the project background, founders, market statistics, price projections and recommendations.
I also placed a trade on the crypto pair NEO/USDT using my Binance account, however my analysis were carried out on the MT5 trading platform using multiple timeframes.
Special thanks to the team leader, professor @pelon53 for his support and guidance.