NEO is performing very well entering the 4th day in green and reaching $8.30 against the US Dollar.
NEO is a non-profit community-driven blockchain project with a huge developer community around the world, such as CoZ, NEL and NeoResearch, and millions of community members active on Reddit, Discord, Github and Twitter.
Let’s see what can have influenced these recent gains.
First, we should mention the upcoming NEO Devcon 2019 in Seattle (16-17 February), which is a “forward-looking premium summit for developers, showcasing various decentralized applications and top contributors in the ecosystem”, as stated on the official NEO Devcon Webpage.
“At the conference, NEO Foundation and its subsidiaries will announce roadmap and plans for the future. Industry experts from top tech companies and leading scholars will share their insights on decentralization, Layer 2, distributed storage and other blockchain-related frontier topics.”
In the above segment, we can notice an important piece, NEO will announce its roadmap and plans for the future, and hat can be very positive for NEO’s supporters and investors.
We also thought to see any similarities with the previous NEO Devcon, which happened in January 2018 and NEO’s price surge.
In the chart below we can see a 40% price gain started six days before the event date and culminating with a massive sell-off right in the middle of it.
But at that time we all know how things were precipitating, with the whole cryptocurrency market in a freefall from almost 1 trillion USD total market cap reached on the start of January 2018.
What else can have contributed? As we can see in the chart below, the price bounced around the 6th-7th of February:
Around the same dates, we had this article describing how the University of Geneva in Switzerland is launching its first blockchain course to offering a full module on NEO and allowing students to claim 12 European ECTS credits.
As stated in the article: “The course allows students an opportunity to “learn how to develop decentralized applications with blockchain and DLT” and features four modules.”
This is a big step forward for NEO and its outreach in the west part of the globe, especially considering that blockchain developers are lacking in the space. Having new ones knowledged about developing on NEO, will definitely help to solve the issue improving the whole ecosystem.
A possible forecast? Multiple scenarios in sight
The possible outcomes can but just two, of course; or we see a continuation in the price movement upwards, or we will see a massive sell-off after the 2019 NEO’s Devcon as it happened last year.
In the chart below we can notice the previous high around $10 USD and that we will consider as the possible resistance in the next days.
The price also crossed the 55 EMA keeping itself above it, as we can notice in the image above on a 1D chart, and that’s usually a positive sign for the medium term. Unfortunately, the volumes are still not great with its $186 Million USD recorded in the last 24h.
Overall the trend looks going upward and NEO is still a huge project with a very big and supportive community. There is a reason why is called the “Ethereum of China” and we think it will definitely perform great in the upcoming future.
What do you think about NEO and the upcoming NEO Devcon? Let us know below in the comment section and remember that this is not financial advice but our personal opinion about the projects and their development.
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