The cryptocurrency market is advancing this December; Bitcoin’s price advanced above $23000 resistance and reached a new all-time high. NEO has increased from $16.6 above $18.7 in less than five days, and the current price stands around $18.3.
Fundamental analysis: Neo’s ecosystem projects are still working hard to put a perfect ending to the year
NEO was founded as AntShares by Da Hongfei, and Erik Zhan in China, and on this platform, users can issue and trade assets. NEO platform has its own cryptocurrency that is distributed to prove ownership of an asset, which makes it more straightforward to transfer shares, equity, and assets.
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NEO platform was designed to be regulator-friendly and aims to automate the management of digital assets through smart contracts. NEO is one of the Chinese government’s favorite cryptocurrencies, and it is often called the Ethereum of China because it has similarities with Ethereum.
According to estimates, NEO’s price is still far away from the NEO price predictions, and this cryptocurrency could be a very good investment option.
“With holiday seasons around the corner, Neo’s ecosystem projects are still working hard to put a perfect ending to the year. After securing a US $1.2 million second-round funding led by DeFinance Capital, Switcheo launched the Switcheo Development Fund. Moreover, with SWTH/NEO pair was listed on Flamingo Swap, and we are happy to see the entire ecosystem growing in synergy to create more value and use cases for the Neo blockchain”, said John Wang, NGD EcoGrowth director
The current trend of this cryptocurrency remains bullish, but if you decide to invest in NEO, you should have in mind that the price could also weaken in the upcoming period. The cryptocurrency market has made a big jump in a short-time period, and the correction phase could be around the corner.
NEO has found strong support above $16, and a breakdown below this support would be an extremely bearish sign with the potential to drop NEO price towards $14.
Technical analysis: The current trend remains bullish
This cryptocurrency is a highly liquid asset but the price is still not able to surpass $20 resistance. The current trend of this cryptocurrency remains bullish, and for now, there is no signal of the trend reversal.
The current resistance levels are $20 and $22; $16 and $14 represent the current support levels. If the price jumps above $20, it would be a signal to buy NEO, and we have the open way to the $22 resistance level.
On the other side, if the price falls below $16, it would be a firm “sell” signal, and we have the open way to $14.
All major cryptocurrencies are advancing this trading week, and this situation also supports the price of NEO. NEO can be a very good investment option according to estimates, but the correction phase of the cryptocurrency market could be around the corner. The cryptocurrency market has made a big jump in a short period, and if the correction happens, the price of NEO will probably be at lower levels in January.