NEO – the “Chinese Ethereum” up for a Bull Run?

It has been a tough week for the crypto market which has seen dramatic drops in values. Investors have always taken advantage of the downfall to invest in the dip and prep for a bull run. NEO is one coin which raced through with its value skyrocketing and overtaking Cardano to gain the 6th position in the market.

The past week has been negative for NEO when compared to every other coin until it suddenly rose by 18%.

Martina, an excited NEO investor in a recent Twitter post says,

“Yay!!!! 2018 will be bigger and better for NEO.”

Smart contracts have varied applications and will definitely change the way people conduct business on all levels. This concept was the sole reason for ETH to become the second most popular coin. NEO uses a similar system and has named it ‘The Chinese Ethereum.’

NEO is currently priced at $124.97 USD and has a market cap of $8.12bn. The past week has been insignificant for NEO with a mere 3.6% rise much like all other tokens.

Brendon Lee, a Financial Advisor in one of Chicago’s Hedge Fund Managing company spoke to AMBCrypto and says,

“NEO is surely up for a bull race. NEO could be a four-digit Cryptocurrency in the near future and could be worth $1000 per coin.”

There has been skepticism from certain members of the community as well.

Alex, a Twitter user commented,

“Weiss is a rating based on ROI. BTC will crush everything else in 2018. Neo is not a blockchain bc it’s not minable. Neo can be shut down at any moment. Keep that in mind.”

NEO has currently broken out of a bearish pattern and is currently holding its position above the 20-day EMA and the 50-day SMA. The 4-hour chart indicates that NEO is out of its bearish pattern and might be preparing for a bull run.

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