- 1 The Neo team is developing a sidechain compatible with EVM.
- 2 The bullish investors are bound by a major resistance level of $15.
- 3 The trend in the coin is bullish after the bulls bounced back from a major support level.
The NEO platform is a decentralized and open-source blockchain network. It allows for the creation of various blockchain services and products with fast transaction speeds. It is often compared to Ethereum since both networks provide tools for creating decentralized applications, such as decentralized exchanges and price markets.
How Does NEO Coin Function?
The Neo network has two native cryptocurrencies, NEO and GAS. NEO enables users and network participants to stake their balances and participate in network governance through proposals and votes on changes, while GAS is used to pay for computational power on the network.
The network operates on the Proof of Stake consensus mechanism with a unique protocol called delegated Byzantine Fault Tolerance. This protocol enables the processing of up to 10,000 transactions per second while operating between approved nodes.
Through the combination of PoS and dBFT, Neo ensures scaling of the network, faster transactions, and smooth operations with smart contracts and Dapp creation. NEO generates GAS and serves as the primary crypto for payment settlement on the platform, while GAS is used to pay transaction fees.
NEO is also used in network governance as holders can stake NEO to vote for consensus nodes, with consensus nodes generating new blocks and receiving rewards in GAS fees in return.
Neo Coin News
Neo is developing a new sidechain that will be compatible with Ethereum Virtual Machine (EVM) to prevent future exploits by Miner Extractable Value (MEV). It will protect Neo from MEV-related attacks. Moreover, it will ensure the security and privacy of users and their transactions.
Furthermore, the new sidechain will mimic Neo N3’s core features, including its dBFT consensus mechanism and NeoVM, as well as a subsidiary version of NEO. This development is crucial in providing a seamless user experience within the Neo ecosystem.
Technical Analysis & Prediction of the NEO Coin Price
NEO/USDT chart by TradingView
The NEO coin price has been rising since it touched the immediate support level of $10.00 back in mid-November. The 50-day EMA has done a bullish crossover with the 150-day EMA.
Pivot Classic Fibonacci Camarilla Woodie S3 — 5.420 9.350 1.450 S2 5.420 7.880 9.950 5.240 S1 8.270 9.410 10.540 7.910 P 11.880 11.880 11.880 11.700 R1 14.730 14.340 11.720 14.370 R2 18.340 15.870 12.310 18.160 R3 24.800 18.340 12.910 20.830
In addition to this, the RSI has just spiked from the overbought level of 70 and is coming down to the neutral level of 50. The price prediction for the NEO coin will be bullish if investors manage to break beyond the immediate resistance of $15.46.
Conclusion
Neo is a decentralized blockchain that uses a proof-of-stake consensus mechanism. It is creating a sidechain compatible with Ethereum Virtual Machine to prevent future exploits. Price prediction for the native token NEO is bullish.
Technical Levels
- Support Levels: $10.0 and $6.57
- Resistance Levels: $15.4 and $27.2
Disclaimer
The views and opinions stated by the author, or any people named in this article, are for informational purposes only. They do not establish financial, investment, or other advice. Investing in or trading in stocks, cryptos or related indexes comes with a risk of financial loss.
Amanda Shinoy
Amanda Shinoy is one of the few women in the space invested knee-deep in crypto. An advocate for increasing the presence of women in crypto, she is known for her accurate technical analysis and price prediction of cryptocurrencies. Readers are often waiting for her opinion about the next rally. She is a finance expert with an MBA in finance. Quitting a corporate job at a leading financial institution, she now engages herself full-time into financial education for the general public.
