Although it would appear all discussions pertaining to NEO have quieted down a bit, that is not necessarily the case. Some very interesting and peculiar developments have come to light in recent weeks. As such, it is only normal the NEO price continues to move ahead ever so slightly. The main question is whether or not the value of $8 can be sustained for much longer.
NEO Price Needs Stability at $8
The year 2019 hasn’t been off to the best of starts for most cryptocurrencies. That is not entirely abnormal, as most of 2018 resulted in ongoing bearish pressure as well. It has been some time since the value per NEO approached the $150 level and it seems that price will not be reached again anytime soon either. For people who bought at the top, that is not the most pleasant bit of news, but there isn’t much one can do about the current trend.
Over the past 24 hours, there has been a minor NEO price uptrend in both USD and BTC value. More specifically, the most recent 1.7% uptrend in USD value pushes NEO past $8, but that level may prove to pose some major resistance in the near future. In terms of BTC value, there is a small 0.9% increase. One NEO is valued at $0.00215 BTC as of right now, which appears to be more than fair under the current circumstances.
The big news this week comes in the form of a new NEO dApp. Known as NEO.Girl, this application lets enthusiasts date a virtual avatar which resides on the NEO blockchain. Although this experience is still in public beta for now, it would appear the concept is getting a lot of positive reviews. Your virtual friend can eat, talk, exercise, and interact with humans as a real person would. A very interesting use case, and one that a lot of enthusiasts will certainly appreciate.
In terms of Reddit activity, it would seem NEO is checking a lot of the right boxes as well. More specifically, it seems NEO is in the top five of most discussed currencies on the platform right now, which is always somewhat promising. This information always needs to be taken with a pinch of salt, as it is never indicative of the overall market trend associated with this particular currency. Even so, it is another positive sign for this popular altcoin
Today 5 word mentioned most on Reddit: 1.#wallet 2.#long 3.#fiat 4.#mining 5.#bot
Cryptocurrency discussed most on Reddit today: 1.#btc 2.#eth 3.#etc 4.#neo 5.#iota
See more data: https://t.co/Cu7brG8RoH
— Huobi Research (@Huobi_Research) January 20, 2019
When Twitter price bots start to tell people it is time to go long on specific currencies, the opposite market trend tends to materialize. In the case of NEO, it is currently being “spammed” by HerklosCryptoBotDev as a “long trade”. Considering how the current gains are relatively minimal and there is a fair bit of market pressure, it seems unwise to go long on NEO as of right now. Even so, markets can easily swing in either direction.
— HerklosCryptoBotDev (@HCryptoBotDev) January 20, 2019
All of these factors seem to indicate the price momentum for NEO might run out of steam pretty quickly. It is always difficult to tell how markets will evolve exactly. Although the new “dating app” is pretty significant for the ecosystem, it may only cater to a very niche crowd. Even so, showcasing the potential of blockchain technology through identifiable use cases is always a big step forward. For now, traders are advised to be cautious, but there is some positive momentum brewing behind the scenes.
Disclaimer: This is not trading or investment advice. The above article is for entertainment and education purposes only. Please do your own research before purchasing or investing into any cryptocurrency.