NEO (NEO) is a blockchain-based cryptocurrency that provides a platform for the development of decentralized applications and smart contracts. It is an interesting coin in the mold of Ethereum.
NEO/USD price surges week beginning Monday, March 19th as FSB moves away from the issue of regulating cryptocurrencies for now.
The uptrend has continued Tuesday as the gains made on Monday capped at a 24h low of $64.83 and a 24h high of $75.20.
Over a 24 hour period, the “Ethereum of China” has gained +6.35%, though the 7-day chart shows the coin is still in the red with a -17.19% drop. This isn’t too alarming, considering that the entire market was in decline the previous week.
Market sentiment was teetering towards the negative as fears compounded about tighter regulations. But now that the FSB has indicated it won’t be pursuing further regulations, things are once more looking up.
The Financial Stability Board (FSB) communicated to member states through a letter that partly reads:
“The FSB’s initial assessment is that crypto-assets do not pose risks to global financial stability at this time.”
The price recovery sees NEO record a range bound low-to-high price between $64.83 and $75.20.The coin is getting into resistance levels at $76.00. Repeated attempts to surpass this level are proving quite tough for now.
Consequently, NEO/USD is likely to consolidate a bullish trend near $73.00 mark. If the price jumps to over the $77.00 level, we could see the price quickly head towards a new major resistance level at $79.45. Considering such a scenario, it would seem that the immediate support line for NEO will be at $75 for the coming few days.
That too implies that the next major support base would be at $64. This is expected to stop any further decline should the crypto encounter negativity. The rest of 2018 is looking up for NEO and if you go long, a 5-year prognosis predicts a growth of about +1652.98%
OmiseGO is a cryptocurrency platform built on the Ethereum network. It aims at disrupting the cryptocurrency exchange platform through offering a unique solution to the problem of fiat and cryptocurrency exchange.
It is thus one of the popular platforms that provide users with alternative ways of carrying out such trades. OmiseGo thus differs from the NEO platform in the way it applies blockchain technology. A comparison between the two would then be quite skewed if we based it on fundamental analysis.
OMG/USD traded today above the $11 mark as the crypto rode the new wave of optimism to put behind a week of decline. It gained +8.31% and +5.62% against the US dollar and BTC respectively. It is, in fact, one of the best-performing coins this week.
OMG is attempting a recovery from the week-long decline that hit the entire crypto market. The OMG/USD downtrend began on February 28, 2018, when its price was at a high of $20.55 and its market cap stood at $2.09 billion.
As the graph indicates, the crypto embarked on a gradual decline that culminated in a 7-day low of $8.65 and its market shrank to $880 million.
That new low was reached on February 28, 2018, a day before market sentiment reversed as news from the FSB rejuvenated investors. On Monday, the OMG/USD pair traded at an uptrend that saw it close at $ 10.98 and with a market cap of $1.12 billion. This represented a price gain of about 19.7% over the previous day.
The recovery continued on Tue as the price hit the $11.62 mark, surpassing the resistance line at $11. However, the value dropped briefly to its support base at $10.75 before rebounding to reach $11.45 by the time of press.
If this momentum is maintained throughout the week, we should expect to see the coin surpass the $15 mark soon. As an investment asset, the coin is expected to grow +917.14% by 2022.
NEO (NEO) appears to be a better coin in terms of its five-year return prognosis. Its platform is also giving it an edge over OmiseGO (OMG). However, we know that cryptocurrencies are highly volatile and sentiment can change any moment.
It is, therefore, advisable that caution is observed as you decide to plow more money into any of the two crypto coins.