NEO (NEO) Outlook Bullish As Restart Energy Meets Smart Economy
NEO (NEO) is one of the cryptocurrencies that are expected to perform well in 2018. So far, the project’s performance hasn’t disappointed.
The NEO coin ended Q1 2018 as one of the best performing coins with a price appreciation that saw it lead the market and at one point look like it would end up among the top five coins. While that run was checked by a market-wide decline over March and part of April 2018.
After reaching a new high at $144 against the US dollar on February 27th, the coin’s price slumped consecutively till it hit a new low of $44 on April 6, 2018.
But that trend has been effectively reversed in a bold bull run that has seen its value gain double figures continuously to reach a new high of $92 on April 29, 2018. That Bull Run accounts for a price jump of over 50% in the three weeks since the coin hit its previous new low.
In the last three days, NEO’s market cap has increased by nearly 20%, gaining from $4.6 billion to reach $6.1 billion at the time of writing.
However, the biggest jump was in terms of daily trading volumes that have seen triple growth. On April 28, 2018, a total of $143 million worth of NEO coins were traded. On the following day, that figure has spiked to see over $500 million worth of the coins traded.
Part of the explanation relates to the performance of Red Pulse (RPX), the first NEP5 token on the NEO platform. It was also greatly influenced by the recent listing on Cobinhood trading exchange.
Another big influence could have been due to the success of the Tour of Europe. All these factors have helped propel the price of the popular Chinese platform to close in on the $100 mark.
NEO’s short-term outlook indicates a positive sentiment for the coming weeks. What do we expect as cryptocurrency begins the month of May?
NEO at Blockchain conference with Restart Energy
After that great Tour of Europe, NEO’s chiefs are going back to Brussels for a Conference Blockchain on Smart Economy hosted by Restart Energy. An article detailing the conference’s purpose says in part:
Restart Energy Democracy -also simply RED- is a Europe based blockchain-powered platform. It is funded and backed by Restart Energy which is an energy provider that claims to have over $20 million in terms of revenues.
The company’s goal is to democratize the energy industry, removing the remaining monopolies that dot the world’s energy production and distribution.
In what might prove to be an advantage to NEO, figures from the company indicates that it has over 27,000 households on its list of customers. There are also over 3,000 corporate clients meaning it could provide an opportunity to implement NEO’s smart Economy ideas.
The Brussels meeting comes at a time when Restart Energy is trying to develop what it calls “the world’s first peer-to-peer, fully decentralized energy transfer platform.” RED utilizes its extensive resources in AI, Internet of Things (IoT), and Big Data to allow their customers to send and receive energy from any corner of the world.
The company wants to use NEO to make an entry into China. This is premised on NEO’s good standing with the Chinese government. In the end, the conference could help Da Hongfei’s platform become even more visible in that region.
NEO price today
At the moment, NEO trades just around $82 against the US dollar as it struggles to break above $90 once more. The pull is aided by a 4% price fall in the last 24 hours. It is expected that the coin will rally, though it must find support above $80 to consolidate gains made over the weekend. It all looks good for NEO, even though the volatility being experienced can’t be ignored.
If the NEO bulls take the next few days, then a break above 100 could see it rally to a possible $120. Nevertheless expect a few violent swings in coming days, meaning it may be better to hold on and ride out the uncertainty in the entire market. If BTC picks a nice upside, NEO holders can expect to see a surge too.