TronWeekly

Crypto World News

You are here: Home / Archives for NEO

NEO

Weekly Market Watch: Bitcoin & Ethereum Recovery, Altcoins Follow Suit

by

Over the course of the previous week, there has been a slight surge in optimism within the cryptocurrency market. Bitcoin and Ethereum have managed to slightly surpass key resistance levels, indicating a modest rebound. 

This development has had a limited but positive effect on the overall market sentiment. Furthermore, a number of altcoins cryptocurrencies have experienced noteworthy growth in the weekly chart.

NEO is at the top of the list of altcoins experiencing significant gains this week, followed by Conflux (CFX) and Polygon (MATIC) in second and third place, respectively.

NEO has witnessed a remarkable surge of 20% in the last seven days, surpassing other top 60 tokens in terms of market capitalization. In the course of 14 days, it gained about 23.4%; the remarkable success of the token can be credited to the collaboration between Neo, the foremost blockchain platform driven by an open-source community, and AlchemyPay. 

AlchemyPay’s integration with Neo provides a seamless connection between fiat and crypto economies, enabling convenient entry and exit points to the Neo ecosystem.

At present, NEO is trading at $11.29, demonstrating a 5% increase in the past 24 hours and a slight 7.65% surge in the 24-hour trading volume. The token hit its peak of $11.45 after beginning at $9.1174, displaying a strong and remarkable performance. 

NEO 7D graph coinmarketcap
Source: CoinMarketcap

Meanwhile, Conflux (CFX) is also gaining attention from the community as a second top weekly performer. Over the past week, CFX has experienced an impressive surge of approximately 15%. 

The token’s remarkable performance is due to the latest announcement stating that HaloWallet now supports a greater number of DApps on the Conflux Network. Users can now trade with Dmailofficial, CelerNetwork, GoledoFinance, SwappiDEX, and OfficialNucleon Dapps on Halo Wallet.

Currently, CFX is trading at $0.3264, reaching a peak at $0.3389 and closing the week at $0.329 after starting the week at $0.2964. These figures indicate a noteworthy performance. In the last 24 hours, the token has experienced a 1.24% increase, while its trading volume has decreased by 7.27% in the same time period.

CFX 7D graph coinmarketcap
Source: CoinMarketcap

Additionally, Polygon (MATIC) has also gained significant attention due to its weekly performance and notable gain of about 10%.

MATIC 7D graph coinmarketcap
Source: CoinMarketcap

It can be attributed to the news that Blueshift, a cross-chain liquidity aggregator, has announced that they are now live and operational. Users can now enjoy seamless bridgeless cross-chain swaps between Polygon and Cardano.

Moreover, some popular coins are experiencing gains in weekly charts, including SOL at 6%, DOT at 4%, and Filecoin, with an increase of 6%, according to the data from CoinMarketcap. 

Bitcoin (BTC) & Ethereum (ETH) Weekly Review

The leading cryptocurrency, Bitcoin, has witnessed a notable resurgence as it approached a critical resistance level. Following a period of 17 days, the currency successfully surged to $28,000. 

Subsequently, on May 10th, Bitcoin encountered a significant decline, leading to a subsequent trading range fluctuating between $27,646.35 and $26,600.14. However, on May 28th, it exhibited a recovery and reached the resistance point of $28,193.45.

BTC 7D graph coinmarketcap 4
Source: CoinMarketcap

Similarly, Ethereum followed a similar trajectory during the previous week. On May 10th, it experienced a decline after reaching a notable resistance level of $1,900. Nevertheless, Ethereum managed to sustain a consistent trading range, oscillating between $1,835.55 and $1,742.40. However, it has recently shown signs of recovery, with its value climbing back to $1,915.72.

ETH 7D graph coinmarketcap 3
Source: CoinMarketcap

Meanwhile, Santiment tweeted that the cryptocurrency market has experienced a notable revival during the ongoing Memorial Day Weekend in the United States. Specifically, as Bitcoin and Ethereum regained their position. 

However, the most remarkable development revolves around Fantasy gold, which has emerged as a significant highlight by skyrocketing an impressive 948% over the past week. The tweet also highlighted an overall increase in social volume for nearly all crypto assets, indicating heightened activity and interest in the market.

According to CoinMarketCap, Bitcoin is currently trading at $27,910.91, with a 3.95% increase over the past seven days but a 2.53% increase in the past 24 hours. On the other hand, ETH is being traded at $1,900.30, experiencing a 2.83% decrease in the past 24 hours and a 4.95% increase over the past seven days.

Related Reading | Bitcoin Core 25.0 Release: Enhanced Transaction Support & Improved Performance

Market Analysis: BTC, XLM, ADA, NEO Price Analysis

by

The world’s number one cryptocurrency by market cap is expected to make a key move in the next few days to start a trend that could dictate the direction of price action for a couple of weeks.

After the recent success and traction of Grayscale’s Bitcoin Trust Security over the last few weeks, Wilshere Phoenix applied to the SEC to introduce a publicly-traded Bitcoin Fund. The approval of the application by the SEC would most likely attract institutional investors.

Bitcoin and altcoins price analysis

Bitcoin has been struggling to get past the $10,000-$10,500 resistance level for the past few weeks. If the price of BTC drops further, it is plausible to affect altcoins and the other digital currencies, but this could be an excellent opportunity for investors. Let’s look at a few cryptos that might present the bulls and bears with an investment opportunity.

BITCOIN / U.S. DOLLAR

The world’s most popular cryptocurrency, BTC, is seeing a scuffle between bears and bulls. Bulls are trying to push the price of Bitcoin over $10,000–$10,500 in resistance to trigger a positive momentum. On the contrary, bears are trying to create a temporary top in the $10,000 price zone.

On June 10, BTC’s price dropped below $10,000 and plummeted to $9,254 on June 11. These two levels are essential as they signal the direction of the BTC price action once it breaks out of either of the two levels.

Thus, if the BTC price advances past $9,548, Bulls is expected to attempt to push the price up to $10,000. If the price of BTC breaks past the crucial $10,000-$10,500 resistance level, it may indicate the likely start of sustained positive momentum.

On the other hand, if bears can lower the BTC price below $9,254-$8,638.70, then it is likely that the price will fall below $8,130.53. A breakout further below this zone could force investors to sell, triggering a downward surge.

Bitcoin price analysis

XLM/USD

During the March crypto market crash, XLM plummeted from $0.06 to around $0.026. Currently, the XLM/USD pair is trading at $0.071418. This is a good sign as the price of Stellar Lumens has more than recovered from the March cryptocurrency market crash by about 120 percent. 

However, looking at the charts, XLM is currently on a red downtrend. However, the current $0.071418 market price is above the 50-day, 100-day, and 200-day moving averages, indicating that there are sufficient support zones at $0.070 and $0.058, respectively. Bitcoin is currently trading below the $9,300, it is likely XLM will test these zones soon.

XLM price analysis

ADA/ USD

Cardano’s (ADA) price has dropped below the 20-day moving average, $0.075. This signals a weakened bullish rally for the cryptocurrency. In the meantime, the bulls are attempting to protect the 50 percent Fibonacci retracement zone of $0.0705811. However, if ADA can break off this support level, it can rally up to $0.080 and further to hit $0.0901373. Notably, this support level is a critical factor since, if ADA falls below it, the drop may extend down to $0.0510249.

Cardano price analysis

NEO/USD

NEO is currently in an unfavorable situation. The 50-day moving average is surging upwards, suggesting that the midway trend is up. Nevertheless, NEO dropped below this support level back in June 10, signaling a diminishing bullish rally. 

Currently, NEO is trading at $10.44, according to coinghecko.com. If bears can push the price down below $10.42133, selling is likely to increase. The support levels to watch out for if the downtrend starts are $9.21399 and then $8.60349.

On the other hand, if the bulls can buy their way up to the 100-day moving average ($11.27), it may escalate the likelihood of a rally towards $12.2839 and then to $12.1711.

NEO Price analysis

Altcoin performances break expectation as major coins continue to struggle

by

After an extended bear run, the cryptocurrency market’s climate seems to have changed for the better with popular altcoins enjoying green pastures recently. Bitcoin, after holding at the $8000 level, looks like it needs notes from alts like Dogecoin, NEO, and XRP on how to hit the ramp.

Dogecoin

Dogecoin

The Jackson Palmer co-founder cryptocurrency loves sudden rises in prices, and that is precisely what has happened in the course of the last few weeks.

As of now, the Bollinger bands are in the midst of a divergence, which may indicate that there is an imminent bull run. The CMF line was below the zero line, which meant capital movement was less. The RSI showed that DOGE buy trade was more than the sell trade.

NEO

NEO

NEO has been trying to break away from the sideways moment, and there have been positive indications in the past week. The Bollinger band showed the exact same thing because the upper band and the lower bad was heading for a divergence.

The CMF maintained a healthy distance from the zero line and pointed to the positive capital movement. The RSI was heading away from the oversold zone, a sign that users were buying more of the cryptocurrency.

XRP

Ripple XRP

Ripple’s native cryptocurrency has had a difficult 2019, but its recent performance may indicate a change in fortunes.

The Bollinger bands had diverged completely, which meant that crypto was heading to the greens.

The CMF showed a strong signal of a really positive capital movement. The RSI was also in support of XRP as the line maintained near the overbought zone.

Disclaimer: The presented information is subjected to market conditions and may include the very own opinion of the author. Please do your ‘very own’ market research before making any investment in cryptocurrencies. Neither the writer nor the publication (TronWeekly.com) holds any responsibility for your financial loss.

Never miss our daily cryptocurrency news, price analysis, tips, and stories. Join us on Telegram | Twitter or subscribe to our weekly Newsletter.

EOS Value and Activity Drop as the New Fork Approaches

by

EOS price, transaction volume, and dApp activity in the last several months saw a significant drop. Analysts seem to believe that the reason is the approaching hard fork, as well as the recent announcement of EOS social platform, Voice.

According to research published by a cryptocurrency and blockchain analysis firm, Brave New Coin, EOS has seen one of the most significant downward trends in its history. The drop did affect not only EOS’ price but also its transaction volume, as well as overall activities within its ecosystem. Even EOS’ dApps are seeing a significant drop.

The research that got published this Monday, August 19th, indicates that the cause of the drop might be the approach of the next hard fork of EOS’ blockchain. The hard fork itself was scheduled for September 23rd. In addition to that, the ecosystem recently saw an announcement of its soon-to-launch social platform, known as Voice.

The result is an 84% drop in EOS price, which kept going down ever since its historical maximum, reached back in April 2018. Back then, EOS exceeded $21. At the moment, however, its price stands barely above $3, with a market cap of $3,42 billion and a trading volume of $1.27 billion in the last 24 hours. EOS is currently ranked as 8th largest cryptocurrency, sitting between Tether (USDT) at 7th place, and Bitcoin SV (BSV) at 9th.

Further, it appears that EOS’ exchange volume in the last 24 hours ended up being dominated by EOS/USDT trading pair, with pairs with Bitcoin and Ethereum being close behind. Even so, analysts estimate that EOS’ trading pairs against USDT and Bitcoin have dropped by over 60%, and transactions per day continue to decline.

Not only that, but researchers believe that the real number of transactions might be even lower than reported, likely only one-fifth of the estimated 5 million.

EOS still leads over NEO

The number of transactions has been on a sharp rise since December 2018, mostly due to increased activity among EOS’ dApp users. The value of the average transaction is estimated to be at around $75, while the reported maximum was $38,000, likely also related to the increased activity within dApps.

On the other hand, the number of active addresses related to EOS transactions is currently at around 52,000. This was nearly half of the number of active addresses from January of this year when that number was near 95,000. Even so, EOS still sees significantly more activity than its primary competitor from before, NEO.

Speaking of the higher number of users, another report, issued by the company called AnChain.AI earlier this year, seems to indicate that 51% of EOS users were bots. They executed 75% of EOS operations in January, the report claims, thus allowing EOS to be one of the leaders in term of dApp activity. The bot activity was estimated to be responsible for $6 million worth of EOS’ daily volume from January 2019.

However, in recent months, the average volume of transactions seemingly went down. Analysts remain convinced that gambling and dApp exchange are still among the most popular activities; more likely since gambling is highly regulated in the majority of countries around the world.

The new reports only add to EOS’ troubles, which initially started last June, with the departure of EOS NY as a block producer. Not to mention the degradation by the Weiss agency’s rating, which made people wonder whether or not EOS is truly decentralized as it claims.

Disclaimer: The presented information is subjected to market condition and may include the very own opinion of the author. Please do your ‘very own’ market research before making any investment in cryptocurrencies. Neither the writer nor the publication (TronWeekly.com) holds any responsibility for your financial loss.

Never miss our daily cryptocurrency news, price analysis, tips, and stories. Join us on Telegram | Twitter or subscribe to our weekly Newsletter.

Neo price analysis for May 30th, 2019: The scenario is bearish

by

NEO is not having a good day but has had a fantastic last seven days. It’s lost 5% over the previous 24 hours whereas gained 20.9% in the last week. It’s only about USD 13 million away from jumping from being the 19th cryptocurrency by market capitalization to becoming the 18th, which would be something of a milestone for the project.

One-hour technical analysis

At the current price of $13.58, we are below the pivot point ($14.1) but well above the support levels. Also, since the trend is green right now (in the last hour), support is not in our minds but resistance. The first level is at 14,1564, so there’s plenty of room for the price to grow today, even after the dramatic gains it’s already had this week.

Today’s price has already been at USD 13.58, which is still below the first resistance level but higher than the current spot value.

NEO price analysis
Source: CoinMarketCap

The excellent news for hourly technical fans is that every possible indicator and average is signaling for buying. That’s eight technical indicators and 12 moving averages.

24-hour technical analysis

This scenario is not bullish as like the 24-hour one. Unlike the hourly technical, every possible signal is pointing at selling, but here there’s something else. NEO has already broken all the resistance levels in the seven-day analysis, and chances are it will keep going up as the hourly trend is in green now.

So right now, even though it stopped for a while in the last 12-hours, and there’s not much more to say as it could start to gain momentum anytime now, again. The daily technical is clear as day.

Monthly technical analysis

The monthly numbers are somewhat confusing. The scenario is bearish because every technical indicator is in the red zone. Most averages are signaling for selling too. At the same time, the price is rising, and above the first resistance level, which would generally be considered a buying sign. The monthly numbers belong to the bears.

The first resistance level is at 15,3771, which is well above the daily resistance. The interpretation would be that resistance won’t hamper the rise in price until it gets near 15,37, which means that the daily R1 level will be broken without too much trouble.

NEO is still quite far from its historic $58.25 historic high, but today it’s set to ride the recovery waves again, so it’s a good day to get involved in it.

Disclaimer: The presented information is subjected to market condition and may include the very own opinion of the author. Please do your ‘very own’ market research before making any investment in cryptocurrencies. Neither the writer nor the publication (TronWeekly.com) holds any responsibility for your financial loss.