NEO cryptocurrency – Price, Graph, Review and more

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NEO cryptocurrency – Price, Graph, Review and more

NEO is a cryptocurrency and blockchain technology, which was initially known as ‘Antshares’ but was later renamed as NEO by its founders, Erik Zhan and Da Hongfei in the year 2020. It is made for digitizing assets for utilizing smart contracts. The objective of NEO cryptocurrency is to introduce blockchain to the people. C++ and Javascript are some of the common programming languages which are supported by NEO. Because of the finest technology, NEO is not much prone to hacking. There is always a constant competition brewing between cryptocurrencies to become the best. NEO is also among those competitors. In the year 2020, NEO aims to become a leading blockchain project.

Whenever there is a discussion about any cryptocurrency, it is impossible to ignore the price factor. For your information, the NEO cryptocurrency price is $6.06, and market cap is 33, currently.

How To Buy NEO Cryptocurrency?

Future Of NEO cryptocurrency

An interesting thing to know about NEO is that it is also called as ‘Chinese Ethereum’. In the current crypto era, NEO has gained much popularity with its success. The price of the NEO has soared much high since the previous year, 2020. Let us have a technical analysis for NEO price prediction 2020. According to some sources, it has been found that in May 2020, the price of NEO can fall between $284 to $328. By December, it is expected to rise by to $504.

Making Of NEO

To know about NEO cryptocurrency, you need to understand about its making. Akin to other cryptocurrencies, the credit of making of NEO goes to its community. NEO is not like other cryptocurrencies which are based on proof of work concept. Rather it follows the concept of Proof of Service.

Conclusion

NEO is also a very notable cryptocurrency which has tasted success in the crypto world. Don’t limit your knowledge to Bitcoin, just because it is a leading cryptocurrency. If you want to deal in cryptocurrency as your career, then you need to know about NEO cryptocurrency. NEO is initiating to develop techniques which are helpful in the development of smart funds. The smart contract systems of NEO has been supportive of programming languages which are familiar for the developers. Some of these advantages make NEO cryptocurrency popular among its counterparts. If you want to know any updates of NEO, then better be abreast with the latest NEO news.

About The Author

Aditya NagarAditya is enthusiastic about reading all about the Cryptocurrency and loves to get updated about the recent developments that take place in crypto industry.

The NEO History

The NEO initiative took place in June 2020, and was released on October 17, 2020. The coin has undergone a rebranding because its release took place under the name Antshares (ANS). And only after a while, the name was changed to NEO. The developer company NEO is a Chinese company OnChain, specializing in the development of solutions in the field of Blockchain. The founder of NEO, Da Hongfei, led a team of 15 people. Seven of them work with the community, and six more are engineers and developers. Most likely, this indicates a large marketing component in the work of this team.

By capitalization, NEO is among the top ten cryptocurrencies. Its capitalization is slightly less than 1.5 billion US dollars. Together with rebranding, this currency experienced a jump in price growth.

Until June 2020, the NEO cryptocurrency rate was slightly more than zero, but in June-July, it began to grow, and already in August, its schedule became 8 times – from 6 to 48 dollars. Of course, he did not last long at such marks, but the price of about $ 30 is an excellent achievement for an asset that, at the beginning of the year, cost almost nothing.

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Announced the release of 100 million NEO coin tokens. Currently, more than 50 million of them have been issued, and 15 million coins are expected to be issued each year. But this does not mean that it is possible to earn on mining. All NEO network nodes are located within OnChain, although the Blockchain itself is publicly available. In general, the distribution of coins is as follows: 10% received investors who joined the project at an early stage, 17% of the coins were distributed during the first ICO, during the second ICO – 23% of the coins. The remaining 50% of the developers left to themselves. These funds can be used only after a year.

Both tokens have specific applications on the NEO platform, as we will see in this guide:

  • Initial release, August 2020;
  • Industry decentralized network;
  • Famous team teaming Da Hongfei, Eric Zhang;
  • Key partnerships AdEx, Onchain, Coinfirm, and QRC;
  • Maximum stock 100,000,000.

How does NEO work?

The NEO platform, with its NEO and GAS token system, is different from bitcoins and many other cryptocurrencies. Three of the unique differences that make it stand out:

Fractions of coins on exchanges. How do they do it?

From a technical point of view, Chinese cryptocurrency is very similar to Ethereum (Ether). The basis of the platform is the construction of smart contracts and their subsequent payment with tokens. Also, an important part of the project is the opportunity to create new technologies based on the platform, as well as easy integration with other services.

We will examine in more detail how everything works. Transactions within the system are possible when paying a commission. The system currency pays the commission. That is, for the transaction, you must throw additional “fuel” into the system. OnChain developers decided to create another intra-system currency, called GAS, as fuel (what means of paying commissions).

Mining NEO is not possible. There is a final value of coins equal to 100 million. 50 million are thrown to the market during the ICO. The developers keep the second half. However, GAZ mining is possible. However, it happens while holding coins in a wallet. That is, the more tokens you have, the more you can get GAZ coins to pay commissions. Today, 2,000 coins in the wallet accumulate 1 GAZ coin every twenty-four hours. Such mining is associated with the operation of the network on the Proof-Of-Stake algorithm. Coins generate themselves. Without the use of trusses from video cards and megawatts of electricity.

GAS generation

The biggest difference is the two-level NEO and GAS system. Although GAS can be bought and sold on several exchanges, users usually buy NEO tokens, which represent their share in the future platform. The advantage of a two-tier system comes into effect from the moment NEO is transferred to your NEO-compatible wallet.

NEO has undeniable advantages over other cryptocurrencies, but do not forget about its disadvantages.

  • NEO’s partners are Microsoft Azure, Alibaba, and, more importantly, Chinese authorities. This is even more important given the policy of the Chinese government regarding the regulation of cryptocurrencies. It is known that before banning the activities of crypto exchanges and conducting ICOs, the Chinese authorities consulted with NEO founder Da Hongway.
  • Development team. Since the launch of NEO, very serious developers have been involved. And the leadership has already stated that if the current team does not cope, then new specialists will be involved. But the highlight of this approach is that the main work will be done to simplify the work for end-users, while usually in the blockchain sphere, there is an emphasis on technology as the basis of the system. This once again confirms the great marketing component in the work of neo.
  • The release of this cryptocurrency is limited. This gives reason to believe that inflation will not affect it, rather, on the contrary, gradual deflation awaits the currency. But on the other hand, half of the volume of currency output is in the hands of developers. In this regard, there is a danger of manipulating the Blockchain and the price of a cryptocurrency, and the risks increase, given that this Blockchain is mostly private, not public.
  • Advanced smart contracts. The developers claim that their contracts support digital identification, digitalization of various assets, decentralized commerce. There is also a wider range of programming languages ​​for contracts.
  • Decentralization and scalability. These principles are laid down in NEO, because it should process a thousand transactions per second, and in the future with appropriate optimization – 10,000. But at the moment, the blockchain is vice versa centralized, because completely in the hands of developers.
  • The mechanism of coordination. NEO uses the latest dBFT (Delegated Byzantine Fault Tolerant – “delegated Byzantine fault tolerant”) matching algorithm. Holders of NEO tokens select participants by voting. The selected group of participants, according to the BFT algorithm, reaches consensus and generates new blocks. Online voting takes place in real-time. dBFT has functional completeness, which means that once the confirmations are final, the block cannot be forked, and the transaction will not be canceled. But this algorithm has not been completed, it has not undergone a public audit and cannot be applied on a public blockchain. This algorithm assumes that all nodes of the network are trusted, and this can only be in the private Blockchain, which NEO is now.
  • Chinese origin NEO. NEO coin is most prevalent in China, and local investors actively support the domestic cryptocurrency. But outside the Middle Kingdom, it is not so famous – not all exchanges have the opportunity to buy it. Accordingly, the amount of information about this coin is minimal. Even the whitepaper contains only general information and no technical details. And as you know – the more information, the higher the transparency and the greater the investment attractiveness.
  • Compatibility with other blockchains. NeoX is used – a protocol that implements cross-chain compatibility.
  • Quantum NeoQS algorithm. With the advent of full-fledged quantum computers, a big threat will appear for the algorithms on which blockchain systems are based. NEO is protected from this by using NeoQS (Quantum Safe), which is a lattice-based cryptographic mechanism.
  • The operation of the NEO blockchain is based on the Proof-Of-Stake algorithm, which allows you not to waste huge computational and energy resources on maintaining the network.

What is NEO?

The NEO cryptocurrency is an analog of the more common Ethereum currency, which coincides with many technical characteristics. The platform uses two different tokens (similar to Ethereum): the first is also called NEO, the second is GAS.

NEO Cryptocurrency Strategy – Scalping with BB and AO

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NEO Cryptocurrency Strategy – Scalping with BB and AO

Today we will review a simple scalping strategy for trading NEO coin. The NEO cryptocurrency strategy can help you accumulate small profits that can add in the long run. You can anticipate gaining consistent profits by learning this simple scalping technique that uses technical indicators.

Our team at Trading Strategy Guides is working hard to put together the most comprehensive PDF guide to different cryptocurrency strategy. Previously we have covered Status SNT Cryptocurrency Strategy, which is an innovative digital currency that offers an open source messaging platform and secondly is a mobile browser that acts as a gateway to all Ethereum applications.

Scalpers can profit enormously from the volatility presented in the cryptocurrency market.

We recommend only using the NEO trading strategy on the 5 and 15-minute time frame for best results. The same trading rules can also be applied to any market that has reasonably high volatility that can offer you a decent profit margin.

Having the right technical tools is crucial, especially when scalping the cryptocurrency market which is extremely volatile. This is an extremely moneymaking scalping strategy that uses a combination of two very precise scalping indicators

The first technical indicator used for trading NEO coin is the Bollinger Bands indicator with which we can measure the market volatility and the strength of the trend. We’re also going to take advantage of the Awesome Oscillator indicator with which we’re going to gauge the NEO price momentum.

Your NEO price chart should look similar to the one below:

Moving forward, we’re going to explain what is cryptocurrency NEO, and last but not least we’ll share the key trading rules of this super scalping strategy that has the power to generate multiple trades per day.

What is Cryptocurrency NEO?

NEO is the first decentralized open-source cryptocurrency launched in China in 2020 and rebranded in 2020. Apart from the NEO coins, this blockchain technology also has one crypto token called Gas.

Cryptocurrency NEO is considered to be the Ethereum of China and even the Ethereum killer.

NEO platform focuses on areas such as digital asset transfer, smart contracts, and digital identity verification.

At the writing of this NEO review, the total market cap of this new blockchain technology is more than $3.3 billion and it’s currently ranking as the 12 th most valued cryptocurrency in the world. A lot of institutional money has poured into this cryptocurrency which is the reason why it’s worth to trade NEO coins.

Now, before will outline a method on how to buy cryptocurrency NEO, we always recommend taking a piece of paper and a pen and note down the rules of the NEO cryptocurrency strategy.

For this demonstration, we’re going to look at the buy side.

NEO Trading Strategy

When scalping with the NEO trading strategy you need to have discipline and focus. Scalping can be very rewarding, but you need to follow some quantifiable trading rules to keep you on the right track.

The advantage of scalp trading cryptocurrencies like Bitcoin, Ethereum and NEO is one, less exposure to risk and second, it provides more trading opportunities.

One of the most appealing ways to scalp the cryptocurrency market is by using an oscillator. However, since there are so many oscillator indicators out there, choosing the right one can be a hard task.

As with all our scalping strategies, we’re going to give you trading rules by walking through an actual live trade example.

Step #1: Wait until the Bollinger Bands narrows and the NEO price contracts. The upper and lower band needs to be horizontal

When the Bollinger Bands are squeezing, usually the volatility is also very low. As stated by John Bollinger, the creator of the BB indicator, when the volatility is contracting this usually is followed by periods of high volatility and strong price movements.

The bandwidth of the Bollinger Band indicator is showing a direct measure of market volatility.

Note: The Bollinger Bands squeeze doesn’t give us any directional bias. It only provides a reading of the market volatility.

See the NEO chart below and notice how the Bollinger bands narrows and moves almost horizontally.

Once the Bollinger Bands narrows we know that’s the beginning of a new trend.

The Bollinger Band squeeze is just the first rule of the NEO cryptocurrency strategy. Next, we’re going to outline the second rule.

Step #2: NEO price needs to break and close above the Upper Band.

In terms of identifying when a bullish trend is about to start, we look for the NEO price to break and close above the Upper Band. If the NEO price accelerates outside of the upper Bollinger band it indicates that a strong move to the upside should follow.

In this case, the breakout foreshadows a big move in NEO price.

The breakout also signals that we should expect volatility expansion and trend development.

See the NEO coin technical analysis chart below:

Next, we’re going to outline what key condition needs to be satisfied when trading NEO coin and how to buy cryptocurrency NEO.

Step #3: How to Buy NEO coin: Awesome Oscillator needs to be above the zero line at least 10 candles going back

Before buying cryptocurrency NEO we need to check if the Awesome Oscillator indicator is above the zero line at least 10 candles going back. When the Awesome Oscillator is above the zero line it indicates bullish momentum.

You need to have an edge when trading NEO coins which is the reason why we use a second indicator to confirm that real institutional buying is behind this breakout. As a general rule, you should use a secondary indicator to confirm the readings of the first technical indicator.

If this condition is also satisfied, you can buy cryptocurrency NEO at the closing price after the breakout.

A common misconception that many traders have when using the Bollinger Bands indicator, is that they tend to sell when the NEO price touches the upper band and they tend to buy when NEO price touches the lower band.

This brings us to the next important step that we need to establish for our day trading cryptocurrency strategy, which is where to place your protective stop loss.

Step #4: Place Protective Stop Loss below the lower Bollinger Band

To stay on the safe side, using a stop loss is vital. The initial place to hide your protective stop loss is below the lower Bollinger Band.

Placing the stop loss below the Bollinger band is a basic chart analysis technique that can offer you a great risk to reward ratio. Because of the Bollinger band squeeze effect, your risk per trade is always going to be much smaller in comparison to the potential profit.

Last but not least, we also need to define where we take profits when trading NEO coin.

Step #5: Take Profit when the Awesome Oscillator crosses below the zero line

The Awesome Oscillator is a great technical tool to gauge the market momentum and the buying and selling pressure that goes behind the scene. Since the momentum precedes price, it’s wise to exit our positions once we see a clear indication that the momentum is shifting to the other side of the market.

In this regard, we make a profit once the Awesome Oscillator crosses below the 0 line which is a signal for bearish momentum.

**Note: The above was an example of a BUY trade using the best NEO cryptocurrency strategy. Use the same rules for a SELL trade – but in reverse. In the figure below, you can see an actual SELL trade example.

Conclusion – NEO Cryptocurrency Strategy

Using the NEO trading strategy will allow you to double-check your trade signals. Combining a momentum oscillator with the Bollinger Bands indicator can help you anticipate those quick bursts in price that every trader wants to catch.

Since trading is a personal journey, it’s up to you to find if this strategy fits your personality and if you can accomplish your trading goals. The key point is that you can incorporate the Bollinger Bands to gauge volatility in your favorite market. Here is another strategy on how to apply technical analysis step by step.

If you want to invest in NEO and add a new coin to your crypto portfolio you can safely use this scalping strategy to buy NEO.

Thank you for reading!

Please leave a comment below if you have any questions about the NEO Status trading strategy!

Also, please give this strategy a 5 star if you enjoyed it!

(4 votes, average: 5.00 out of 5)
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