While Bitcoin is trying to recover the previous bullish trend, other participants have already succeeded; the NEO crypt currency is one of those, achieving gains of up to 27% in the last 2 days.
At the time of this writing we see Neo retreating, which brought it to a price of $20.61. To find out where he is headed, we conducted the analysis below.
What drove the rise of NEO?
The most recent important news for the development of this project is the launch of the Poly Network interoperability protocol.
This launches an innovative alliance of interoperability protocols between Neo, Ontology and Switcheo platforms.
The objective: to lay the foundations for the next generation Internet, allowing for greater cooperation and integration.
Besides being a technical achievement, it is also a milestone for the adoption of Blockchain technology. The project is a pioneer in heterogeneous rather than homogeneous interoperability, seeking to overcome the challenges of scalability.
Poly Network is compatible with Neo, Ontology, Cosmos SDK and Ethereum, with plans to include Bitcoin.
On August 28th, Neo’s partnership with Rosetta was announced, a technology framework driven by Coinbase, 100% open source that promotes collaboration, adoption and widespread use of different Blockchain solutions.
This union is aimed at creating a standard for the integration of protocols in the emerging Poly Network, and is probably the news that ended up taking NEO to a new annual high.
Technical analysis of NEO: Medium-term trend
In the weekly timeframe, we see how the price of NEO has just encountered significant resistance, and it is the one that worked as an obstacle to stop the upward momentum.
The medium term trend is clearly bullish and will remain intact as long as the $10.65 support is not broken.
The 8 week EMA and 18 week Crypto Comeback Pro moving averages are crossed upwards following this direction.
Momentum is currently building, and no valid reversal of this trend has been realized.