Monday September 25 saw something that many of us weren’t expecting. Many of our trading metrics pointed Bitcoins resistance around $3,700-$3,900 looking shaky and perhaps starting to topple back down towards the $3,000 USD mark.
Normally Bitcoin is the driver of movement in the Alt coin market but NEO surprised us all with a massive rally on the back of some key moments which investors have latched onto.
NEO creator Da Hongfei was recently interviewed where he spoke about China regulation of ICO’s. He suggested that the Chinese government had consulted with him about the ICO ban, asking for his expertise and advice. Beyond that, and what sent investors clamouring for more NEO, was his statement that in the medium term, NEO could see a collaboration with the government on blockchain technology
“I do not expect the government to call me in the short term and say ‘lets use NEO as the blockchain technology infrastructure in China’ But in the medium term, Why not? I think its possible”
Couple this statement with news of an impending listing on the exchange “Polonix” and you’ve got a bull market in waiting.
NEO’s price has shot up from sub $20.00 USD to be well supported currently around the $27.00 USD mark.
What will be interesting is to see how that support is maintained. People are well aware of the plunge from around $55 USD that NEO took not that long ago. Lots of investors still have concerns around NEO and the China regulations and are quite jittery to hold long term.
I’m curious to see if weak hands sell for profiteering and cause the coin to plummet again, or if they see the incredible potential in this coin and hold for the long term.
Many analysts think NEO is still very undervalued at this price and I tend to agree. The last few weeks were a great time to add to your NEO position if you believe in it. Will we see NEO prices that low again? Thats a really tough one to call – its really hard to predict this coin. It has amazing potential but the elephant in the room is still there – the China regulations.
We do know that exchanges in China will be closing down soon, has the impact of this been felt by NEO yet? Is there more to come?
Only time will tell on this one……
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This article is written based on my personal opinion and experience, it should not be considered professional financial investment advice. The ideas and strategies should never be used without first assessing your own personal and financial situation, or without consulting a financial professional.