Can NEO (NEO) Hit $300 in 2018?
In February, we said that NEO could hit $300 in 2018. Here’s another reason we believe it’ll still happen.
Between January 1 and Jan.15th, NEO’s price grew by about 120 percent.
The token then spiked from just over $80 against the USD to hit its all-time above $200. It has since tanked much like every other coin in the market.
Since the market has remained bearish for much longer than anticipated, is there a chance we’ll see NEO rally again?
Does it have the requisite potential to hit $300 before the end of 2018? If it does, it will have received a big boost from its home nation China.
The current prices, at about $30 against the USD, means that NEO has/is about to hit the bottom.
It has done so every other two or three months. Every time it has rallied to reach a new high. Even though the market is still bearish, there are signs it may turn bullish this July.
We know that all it takes for the crypto market to swell is a single item of great news. If that comes in the form of increased investment or adoption by a major government or whatever, then expect a nice uptrend.
NEO will reach $100 by August, and if the market boom kicks in it could reach $300 by end of December. NEO prices have developed a queer pattern after every dip. It doubles its value before the decline.
So, we expect it to reach a value above $250 if its price at the next dip will be above $100. That means it can get to $300.
That, however, may not happen if the rest of the market fails to rally, especially Bitcoin (BTC).
Several factors would contribute to NEO’s price run. Top on the list should be the general sentiment in cryptocurrency markets.
Crypto is fairly young and is likely to see so many ups and downs. 2018 has been a decline so far.
However, the expectation is that prices will rally with the entry of institutional money via futures and ETFs.
Another reason we are likely to see a return to positivity is the continuous efforts to see the industry regulated.
A crackdown on fraudulent projects in the industry could weed out the bad apples and bolster the crypto space. Governments around the world seem to have no problem with blockchain technology.
The main concern is the proliferation of cryptocurrencies in the form of ICOs, many which have turned out to be mere schemes to swindle the public.
China is one of the countries that have come out tough on coin offerings and cryptocurrency. Could this be a good thing for NEO?
Chinese regulatory crackdown to benefit NEO
NEO enjoys a warm relationship with the Chinese government.
This fact has been public knowledge ever since the authorities began crypto crackdowns, with Da Hongfei’s project surviving the purge.
Recently, the platform has maintained a high ranking in two state-sponsored studies of blockchain platforms.
China has developed tough regulations that make it harder for ICOs to operate in the country.
However, NEO is a regulatory-compliant platform, meaning that those ICOs that comply with regulations can be launched on the platform.
Now that these regulations are soon being etched into law, NEO will be the biggest beneficiary since a regulated ICO market returns investor confidence. The result will be an increase in demand for the native token, alongside its GAS.
If it’s true that the Chinese government is looking to utilize one of the cryptocurrencies, then NEO will likely be the one.
If every ICO out of China in the next half of 2018 launches on the Neo platform, expect its value to skyrocket.
Several partnerships and integrations give NEO a foundation to grow even bigger in coming months.
It has forged ambitious partnerships with projects like Onchain, Fenbushi Capital, and Neo Economy Labs.
What these projects do is to entrench NEO’s solid foundation in China.
Its NEP-5 token standard allows any developer to create and deploy dApps easily.
It’s also interoperable with other blockchains meaning those after a highly scalable network can migrate to it. There’s movement along these lines already.
The price of NEO may have dropped significantly, but China’s regulatory framework may just be what it needs to see it to the moon.