NEO Coin Overview: Today we’re looking at NEO, the only cryptocurrency in top 10 market cap that rallied this weekend. NEO/USD reached the all-time high level of approximately $170 by Monday's market open.
Meanwhile, its other major counterparts that it's trailing behind in terms of ranking, such as Bitcoin, Ethereum, Ripple, Cardano, Stellar, and Bitcoin Cash were caught in a bearish sentiment. Here is a quick overview.
What is Neo Coin?
NEO coin was created by Chinese developers and is a spinoff of Ethereum, with proprietary technology. It is a next-generation smart economy platform. NEO is often called the Ethereum of China.
What's the Difference Between NEO and Ethereum?
There are so many key differences between NEO and Ethereum. Here we'll point out the major ones. Their objectives, and transaction speed.
While both NEO and Ethereum have generalized blockchains that provide a toolbox for would-be developers, their objectives are different.
Ethereum’s goal is to create a “more globally accessible, more free, and more trustworthy Internet:” Something like an internet 3.0.
NEO is a blockchain project “that utilizes blockchain technology and digital identity to digitize assets, to automate the management of digital assets using smart contracts, and to realize a “smart economy” with a distributed network.”
Another difference between Ethereum and NEO is in their transaction speed. In which NEO can process transactions far more quickly than Ethereum.
NEO/USD Price Action
When we last covered NEO's price action, it was just finding its way above the Ichimoku cloud. Since then, it has shown consistent growth, going from $33 to $164 at the time of writing.
With the massive rally over the weekend, we could see some pullback in NEO/USD towards key Fibonacci retracement levels.
With that, the key support levels are $136.54, $116.58 and $100.44 respectively. The next resistance level is $191.60.
Final Thoughts...
NEO has surpassed $10 billion in market value, ranking 9th globally despite being from a country that has banned cryptocurrencies. So the question is whether Beijing’s policies will play a role in NEO's longer-term development.
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