Ranked 19 on the crypto assets leaderboard, NEO is also known as the Chinese version of Ethereum. Although being 96 percent down from it’s an all-time high of ~$200, the token still has been a hit amongst traders off late. The question is can NEO really prove to be a winning investment next year? Let’s see.
When the Chinese President Xi Jinping, called blockchain technology, an “independent breakthrough” for independent innovation, crypto markets pumped.
Chinese altcoins were the most conspicuously pumped lot. NEO, in particular, broke out of it’s 4-month long bearish stance and surged from $7 to $12. It again pumped after roughly two weeks, on the back of renewed trading interest. But since then, the altcoin has experienced declining interest and has descended to its May lows.
But, despite the gloomy market outlook, NEO has great potential to be a top-performing crypto asset in the next year.
NEO Highlights Roadmap for 2020
Before jumping on to the future roadmap revealed by NEO, it is important to note that the project is onto something truly seminal. Around a month back LEDGER (Decentralized Data Governance for Next Generation Internet) in collaboration with the Chinese blockchain platform confirmed plans for developing the next generation of the internet. NEO’s CEO for Global Development, Da Hongfei announced the same.
This initiative is said to be supported by the Ethereum and IOTA Foundations. The first stage of this collaborative development is set for roll-out in the next year.
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In a recent blogpost, NEO talked at length about the developmental progress of Oracle’s implementation and functionality. The team also listed out a set of other priorities for 2020:
- Continue the discussion and design of the Neo3 governance model.
- Continue to develop the Oracles consensus mechanism incorporated for Neo3.
- Review the parallel verification of signatures
- Work on the portability of RPC modules, the creation of GraphQL and Restful plugins.
- Complete the development of the Neo-Celer SDK
- Complete the design details of the Neo3-GUI front-end development framework.
- Continue testing ecosystem wallets.
- Continue maintenance of the official website, with an additional blog section and technical documentation search functions.
Chinese Ethereum Could Make it Big in 2020, Other Than Bitcoin Ofcourse
In his latest vlog, famed trader and analyst Alessio Rastani, pointed out NEO to be the crypto asset which can be a sure shot winning investment in 2020. According to his recollection from some recent coverage, the Chinese quite like NEO as a cryptocurrency. The digital asset has major potential in the future according to his ‘Bitcoin millionaire friend’.
As per his inferences, if bitcoin flips bullish and sparks a rally next year, NEO is one particular crypto asset that will buck the bearish trend and shoot for the stars. Vice versa, NEO could also start a rally before bitcoin does, Rastani noted.
Since Alessio is more of a technical analyst, he admitted that individuals deft in fundamental analysis of cryptocurrencies have told him to keep an eye on the Chinese crypto asset.
Technically speaking, NEO breaking past the $13.55 and $24.4 resistance levels would pave the way for a bullish breakout. According to Rastani:
A close above $13.55 on NEO could act as a catalyst for a bullish reversal
Do you think NEO will make it big in 2020? Let us know what you think in the comments below!
Images via Shutterstock, NEO/USD charts by TradingView, Twitter: LedgerEU, YoutTube: Alessio Rastani