is among the most popular names when it comes to the cryptocurrency markets. Formerly known as AntShares, ever since the 'Neo' branding came into effect, the currency has been showing a strong growth. Neo peaked earlier in January as it reached an all time high of $193. However, things haven't been so good for Neo after that and the currency has been on a downward trend. However, Neo is expected to gain another $60 over the short-term.
While most cryptocurrencies have been on an upward trend, Neo hasn't had the best of times over the past 24 hours. Neo began the day at $122 but now stands at $111. The currency is down by about 9% but this downward trend isn't expected to last for long.
This past week has been full of several ups and downs for NEO. The currency started the week at $149 and peaked at $170. It was then affected by the market crash and Neo's price fell to $91. It has since recovered and the current expectations are that Neo will reach a price of $170 soon. The graph below depicts this growth:
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Technical analysis of NEO (NEO) | Image: tradingview[/caption]
Neo is expected to continue the zig-zag movement. If market experts are to believed, the currency may fall to a low of $70 (as depicted in the graph by point labelled C). However, the currency is expected to continue on this trajectory and ultimately grow to a high of $170 where it will again meet with some resistance.
It is essential to trade safely. Neo traders are advised to set up a stop-loss at $60 and a target of $165. Neo has quite an advantage when compared to other cryptocurrencies - the fact that the government of China isn't so hostile against it and that a number of major Chinese companies are adapting Neo blockchain systems! Dubbed 'the Ethereum of China', can 2018 be the year of Neo?
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