Hailed as 'the Ethereum of China', NEO has been one of the biggest names in the world of cryptocurrencies. The currency has been around for quite some time, but picked up an aggressive pace since the rebranding! Ever since Antshares became NEO, the platform took a whole new direction and a major growth rally began! NEO showed a very strong sign of growth in late 2017 and the currency still has a number of backers even at a time when NEO price is on a continuous downtrend.
Backed by a number of major Chinese firms, NEO is perhaps China's greatest contribution to the crypto-world. The currency continues to find a place in the top 10 cryptocurrencies for quite some time now. Over the past couple of weeks, most cryptocurrencies were going through a period of slowdown or negative growth. NEO too was affected by it.
In the 24 hour period, NEO price $51.70 to $49.89. The currency's market cap fell from $3.36 Billion to $3.24 Billion – a loss of $120 Million over the course of the day. NEO started the week at a price of $65 and a market cap of $4.2 Billion. Over the course of the week, NEO lost $1 Billion as it closed the week at $3.2 BIllion. It has been a rough week for NEO, but it has also been a rough week for cryptocurrencies in general. While some names such as Monero and Cardano have managed to bounce back and enter a recovery phase, NEO is yet to reach there.
The graph above shows that there is still hope and NEO still has a chance to recover even when the current trend for the currency is quite bearish. NEO's market cap has taken a major hit over the past couple of weeks but an uptrend is forming, as the support levels continue to rise. While this may not be the best time to invest in NEO, we do expect that the currency will soon boom, owing to a number of backers supporting it despite tough times. With prices going so low, we also expect the market bulls to rush-in and buy large quantities of NEO – resulting in the currency entering a growth rally!
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