Chinese cryptocurrencies in particular have been among the biggest beneficiaries in the past few days. One of the oldest of them is NEO, which is within the last week as the second strongest price gainer among the top 100 cryptocurrency on Coinmarketcap with a increase of 72.30% belonged. What Neo is and has led to this strong performance as well as why the chinese cryptocurrencies are going up and like them Neo Price Prediction looks like, will be discussed in the following article.
What is Neo?
Neo was originally founded as Antshares in 2014 and also like Ethereum Layer 1 blockchain. So she also supports one Variety of different types of dApps. However, instead of the EVM (Ethereum Virtual Machine), the NeoVM (Neo Virtual Machine) used. Loud NDAPP Neo is currently coming up 45 dApps and 4 apps.
An advantage over Ethereum lies in the Use of different common programming languagesHow Java, C#, GO, Ruby, Python and more. This makes it much easier for previous developers to participate in the project.
For the consensus it uses the Delegate Byzantine Fault Tolerancewhich is a variant of the Proof of Stake is. During the Upgrading to Neo 3.0 was the Improved network security and increased TPS.
Within the network will NEO for investment purposes and governance as well as the second cryptocurrency GAS for payment of transaction fees used.
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What’s been moving Neo’s price lately?
Over the past period, there has been some price-boosting news for the Chinese cryptocurrency NEO. The most important of these are listed below:
Change in China narrative after Hong Kong crypto policy easing
Now has itself changed the narrative of Chinese cryptocurrenciesafter it was decided that Cryptocurrency trading legalized in Hong Kong from June 1 of this year shall be.
In this context, among others, Chinese cryptocurrencies Conflux, Filecoin, NEO, Conflux, VeChain and Quantum surged. In the future, Hong Kong will Buy, sell and trade completely legal for local residents be. According to some analysts, the Chinese coin narrative could last a little longer.
In this context, A bullish sentiment regarding Chinese cryptocurrencies is increasing in the crypto communities built up. So have too Watch lists with China coins made the rounds. One of these analysts is Miles Deutscherwho shared the following list of Chinese cryptocurrencies:
Don’t fade the Chinese coins.
Here’s my watch list: pic.twitter.com/9ZDI9r2vQB
— Miles Deutscher (@milesdeutscher) February 18, 2023
In addition, the Chinese central bank increased its liquidity support programs in February at the same time. The assumption arose that there was a connection with the increases in Chinese cryptocurrencies, since now too chinese Companies could invest more in blockchain technologies.
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The China easing narrative is not some imaginary garbage
Look at the liquidity injections China is ramping up in Feb – most recent 835B CNY via reverse repurchase
Monie printer goes brrrr from the EAST
oh, sorry US inflation, China exporting moar pic.twitter.com/LMmNLP1xHQ
— Crypto熊猫 (@NoodleofBinance) February 18, 2023
Beijing Blockchain Breakthrough Research Center
According to reports from South China Morning Post of February 16 is supposed to be a new one Research center integrating blockchains into the economy and people’s lives. In this context the technology is a central part of China’s digital infrastructure become. for that Software, hardware and fundamental theories to be developed. Nevertheless he stays Ban on cryptocurrencies from 2021.
The new research center was approved by the Ministry of Science and Technology. This step in turn pushes the renewed enthusiasm of the government for the new technology despite the ban.
Neo year in review 2022
In 2022, Neo navigated the bear market and continued to build a strong foundation for the future of Web3.
All at Neo extend warm wishes for a happy and successful 2023 to each of you in our valued community.
Check out Neo’s highlights from 2022:https://t.co/qNmfOfgndc
— Neo Smart Economy (@Neo_Blockchain) January 11, 2023
On January 11, the NEO-year in review published. The team has set itself the goal of Building projects for developers and companies particularly simplified becomes.
In addition, last year Neo N3 with the Polaris Launchpad initiated further projects on the ecosystem through investments in the seed phases. A total of 20 teams fundedwhich participate in the incubation program of Draper University participate.
In addition, in September last year, the NeoPod Initiative launched with which nurtured committed and knowledgeable talent from the community should be. This is intended to increase the reach and innovation potential of Neo.
About this the project also got involved at universities in the USA and went on a tour through the country. They came with hundreds of students, faculty and industry leaders from 16 top universities together. In this way, new young industry leaders are to be found, trained and mentored.
Using the extension GrantShares the decentralization on Neo should also be pushed further. This is a decentralized and transparent funding programthe one about discussions and suggestions DAO is controlled. In this way, last year already $145,000 in grants for new projects be granted.
According to the team issuance and trading of NFTs are also thriving. So were the Areas of DeFi, gaming, web and the metaverse further expanded. The developments of many of the projects started last year will only become apparent shortly.
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Lots of polls
Which of these tracks do you most want to see Neo focus on in 2023?
— Neo Smart Economy (@Neo_Blockchain) January 25, 2023
Neo also hosts events on social media such as Twitter some surveys regarding the future direction of the ecosystem. In this context, the community has by far advocated a Focus on the DeFi space decided. At second is GameFi, followed by SocialFi.
In terms of technologies, the project should primarily focus on future technologies focus on the area of zero proofalthough that too Metaverse considered important by 30% became. Accordingly, the project can develop even more in accordance with user wishes, which could result in a better response.
Neo Price Prediction 2023
Neo is currently on Coinmarketcap 54th place among the largest cryptocurrencies and Rank 14 of platformswith a Market capitalization of more than $990.391 million. Of the total of 100 million tokens are currently 71% already in circulation.
Since the beginning of the year, Neo has already gained 142.20%with a consolidation at which horizontal resistance at $13.78 took place. Nevertheless it lies Coin currently 129.04% above year-to-date levels. alone at today it was able to increase by a further 34.64%.
Interest in Neo has also increased, with the largest increase in volume in the second week of February and one week later were. While the daily trading volume was $11.5 million in January, today it could up to $693.98 million 5,934.61% increase.
If the daily candle closes above the $13.78 resistance, it will indicate a continuation of the trend. In this case the next resistance areas at $16.44, $19.44 and $21.16. Should a correction take place, so are Supports at $11.57, $10.44 and $9.37 to find.
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About the author: Simon Feldhusen first came into contact with the stock market 16 years ago and has been dealing intensively with trading, cryptoassets, stocks, P2P, corporate finance, finance and entrepreneurship on a daily basis for more than 7 years. He has also been working as a copywriter and ghostwriter in the financial sector for several years. During this time he has acquired a diversified knowledge through various training courses on the financial markets and following the daily news. Since then, not a day has gone by that he hasn’t engaged with the markets. He publishes for Finanzen.net, ETF-Nachrichten.de and Coincierge, among others.
