NEO has been making impressive runs despite the cryptomarket’s multiple waves of correction this 2018. According to CoinMarketCap, NEO opened the year at the $75 level and is currently trading at the $140 level, which is almost a 100% increase in market price. Amidst the major market corrections that happened, NEO managed to stay on afloat in the cryptomarket’s sea of red.
Technical Analysis
Using the Elliott Wave Theory, we can see that the ABC Correction already happened on January 17 for Point A, January 30 for Point B, and February 6 for Point C. Since then, upward waves have already begun with Wave 1 reaching the $138 level on February 20, Wave 2 dipping to the $110 level on February 23, and Wave 3 reaching the $143 level as of press time. Currently, NEO is consolidating on a major resistance level of $145, trying to decide whether to continue the upwards trend of Wave 3, or start the dipping Wave 4 to prepare for Wave 5 uptrend. A successful breach of the major resistance level will reinforce Wave 3 and re-try the second resistance level at $170, which was Point B of the ABC Correction.
In line with this, here are four reasons why I believe that NEO will be one of the best cryptocurrency picks for 2018.
Higher Standards and Higher Quality ICOs
NEO is one of the most compliant projects in the Asian market to government guidelines and regulations. This means that ICOs launching off the NEO blockchain will have to adhere to more stringent regulations, therefore filtering ICO projects to only the most serious, most innovative, and most trustworthy ones. These ICO projects also have to be handpicked by the NEO council, which further improves the legitimacy of the ICOs. Historically, ICOs launched at the NEO blockchain have outperformed ICOs on other platforms in terms of percentage of return.
ICOs and Developers Move from Ethereum to NEO
Some notable ICOs and Developers have moved from the Ethereum blockchain to the NEO blockchain. The Narrative ICO, Pikcio ICO, Thor Token, and NEX have all originally planned to launch off the Ethereum blockchain, but decided to move to NEO instead. Compared to Ethereum, the infrastructure in NEO is much more user-friendly and developer-friendly. This means that it is easier to code on the NEO platform than on the Ethereum platform, which results to lower barrier of entry for NEO.
Hack-A-Thons
NEO is actively pushing Hack-A-Thons on its platform. A Hack-A-Thon is basically a coding event where NEO promotes its platform by having coders compete against each other for a particular coding goal. Just for the first quarter of 2018, there are already 13 events lined up. These events push for innovation and possibilities on the platform, which greatly attracts more developers and key players.
Transaction Rates
On the more technical side, NEO currently has a rate of 1,000 transactions per second, while Ethereum only has 30 transactions per second. NEO is pushing for 100,000 transactions per second by 2020 without sharding or second layer scaling solutions. This improvement is slowly being developed as of the moment, which could mean increasing transactions per second within the year.
On the long term, NEO is an exciting project that has one of the highest possibilities of realizing its potentials this 2018, in comparison to the other cryptocurrencies. While the market is slowly recovering from a major correction, expect NEO to make more massive moves in the coming months.
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“The views and opinions expressed here are solely those of the author and do not necessarily reflect the views of cryptonewsbytes.com. This article is not intended to provide any investment advice and should not be taken as is. Please perform your own research before investing in any cryptocurrency.”
