Fundamental Analysis NEO - NEO January 2019

Fundamental Analysis NEO – NEO January 2019

Introduction

Today New Year eve, the top 20 cryptocurrencies which include NEO, are in a downward spiral based on a negative percent change within 24 hours as displayed on coinmarketcap.com. The year 2018 has been tagged in the crypto communities as a crypto winter. This year, the price of NEO has fallen by approximately 96.0% from its 198.20 high.

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Read on as we analyze the fundamental and technical events that have been driving the price of the formal Antshare in the not too distant past.

Fundamental Analysis NEO - NEO January 2019 Coinmarketcap

NEO Saint Petersburg Meetup 30 November 2018

On November 30 The NEO blockchain Meetup took place in St. Petersburg where NEO expects further growth of the local developer community in Russia. At the close of day, price triggered a breakdown of bullish accumulation resulting in a 28.7% price drop.

Previous Events in the NEO Community

NEO Moontec18 Conference 27 November 2018

NEO participated at the Moontec18 blockchain summit in Northern Europe on Nov. 27th where Lili Zhao (NGD Director of Ecosystem Growth) delivered a keynote speech. 

The event resulted in a slowing of the bearish trend and consequently a sudden price jump of about 21.3%. The resulting bullish closing bars could not attain further heights as the bullish accumulation pattern failed to a bearish price breakdown on November 30.

NEO Listing on Indodax Exchange 26 November 2018

Indodax Exchange launched NEO on 23rd November 2018. The trading platform was opened to clients on 26th November 2018 at 03.00 PM (UTC+7).

Potential Triggers for December

NEO Second Blockchain Week Conference 14 January 2019

Scheduled for the third week of January 2019 is the second annual CHAINERS Blockchain Week. Speculators and traders alike will be on a lookout for signals that may hint on future trend direction of the NEOUSD pair.

Read More: See more January 2019 insight in our Tron Fundamental Analysis

Potential Risks for January 2019

Daily Chart of the NEO/USD

Fundamental Analysis NEO - NEO January 2019 Daily chart

The bearish trend of the NEOUSD from a daily chart perspective was first triggered by a bearish accumulation pattern upon impact with the MA-65 on October 10. After an initial bearish price drop of about 15%, price recoil back to the bearish accumulation resistance level at 17.49, but failed to close above it.

A bullish hidden divergence pattern was triggered, bringing an end to the price range on November 10. This pattern resulted in further formation of bearish accumulation patterns, and eventually a price decline of about 65%.

On December 16, an opposite bullish regular divergence pattern was triggered in combination with a bullish accumulation pattern, resulting to a 60.5% price retracement.

Finally, a breakdown of hidden bullish accumulation signals an early entry for a hidden bearish divergence pattern, which should see lead to a bearish trend continuation in the New Year (2019).

Technological Adoption on the NEO Network

The NEO Network currently hosts a lot of decentralized apps which are designed for different use cases. Among such DAPPs are NEX, Moonlight, Red Pulse, Jarvis+, and Adex to mention but few.

Updates and Milestones Accomplished on the NEO Network

The current version of the NEO command line interface for Exchange Developers is the Neo CLI v2.9.2, which is an update from the v2.9.1.

In collaboration with the NEO community, the development of NEO 2.x. was accomplished, which provided basic infrastructure mechanics of the NEO Smart Economy.

According to Erik Zhang NEO co-founder and core developer, the next milestone will be the launch of NEO 3.0 which will be a unique and new version of the NEO platform, developed for large-scale enterprise use cases. It will accommodate higher TPS and stability, expanded smart contract APIs, optimized pricing models, and economics etc. The major focus will be an entire redesign of NEO’s core modules.

NEO/USD: Monthly

Fundamental Analysis NEO - NEO January 2019 monthly chart

From the above monthly chart and referencing the highest high of January, Neo has plummeted by about 96.5%. The closing price of January triggered a hanging man formation on the price chart, initiating the bearish price decent.

A hidden bearish accumulation pattern formed on May triggered a continuation of the bearish trend in the form of consecutive bearish closing candles as price moved further south with bearish accumulation patterns formed on July and September of the year 2018.

Critical Levels on the Monthly Chart

The critical resistance levels on the monthly chart are 198.74, 147.89, 89.77, 49.21, and 25.89 respectively. Price trades slightly above the critical support level of 4.40, established by the hidden bullish accumulation pattern formed on November 2017.

Conclusion and Projection

Weekly Chart of the NEO/USD

Fundamental Analysis NEO - NEO January 2019 weekly chart

As we usher in the New Year 2019, the price of NEO makes a lower low while the MACD oscillator triggers a golden cross in combination with a breakout of bearish accumulation on December 17 as shown on the above weekly chart.

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