There have been rumors that, one of the biggest exchange from South Korea will list NEO on its exchange within next 48 hours and having seen the history of BCH with bithumb – there are high chances that NEO coin will skyrocket very soon.
There are several other points we have found on Web, which might affect the price of NEO
- China will ban BTC mining and only allow NEO and BCH mining
- China will give tech license to NEO developers
- Koreans don’t speak English so that NEO could be better alternative for them than Ethereum (Source)
Right now, most cryptocurrency exchanges in Korea list roughly half a dozen currencies. Bithumb, Korea’s largest exchange platform only handles eight. If this rumor turned out to be true, it will be the huge news for NEO lovers.
We have seen approx 40% increase in the price of NEO within last 24 hours and it’s a good sign so far. Earlier this week, there was the news that CoinNest would become the first Korean exchange to list $NEO, opening a NEO/KRW market.
When looking at the NEO chart, I noticed the MACD for the 1-day is staying above the 9-day EMA signal for a bullish run. It looks like we have just broken out of a massive wedge. I believe we will bounce down to around $21 before shooting back up to $36 and beyond.
Whether or not the NEO price will remain at this level or perhaps push even further remains to be determined. It is certainly true there is a lot of positive momentum in the altcoin sector right now. In fact, currencies such as NEO are keeping the overall market capitalization above US$200 billion, all the while pushing the Bitcoin Dominance Index back below 58.5%. That will be an interesting metric to keep an eye on in the coming days.
It is unclear where the Bitcoin price is headed in the coming days. The ball is clearly in the altcoins’ court, but all good things must come to an end eventually. Moreover, NEO has seen a lot of gains already, which seems to indicate this is a pure pump-and-dump cycle. An interesting weekend is ahead of us; that much is evident.