NEO Price Update: Bulls Take Control as Anticipation for DevCon Builds
NEO’s bullish breakout continued on Tuesday, as investors rallied behind a promising network upgrade that will allow developers to deploy smart contracts. The protocol for the smart economy is eyeing several major developments this year centered on crypto-economics and infrastructure.
The value of NEO surged 10.2% to $9.37, the highest since mid-November. The cryptocurrency has gained a whopping 21% since Sunday, placing it among the market’s top performers. NEO has recovered 56% over the past month after plunging 65% between Nov. 7 and Dec. 7.
In terms of technical levels, the bulls are challenging a key resistance zone near $9.40. Demand is also threatened near $9.50 en route to the psychologically significant $10.00 level. Read more: NEO/USD Bulls Storm North Ahead as NEO Fundamentals Remain Sound.
At current values, NEO is capitalized at $610.2 million, placing it 16th among active cryptocurrencies and one ahead of NEM, which previously held the spot.
The cryptocurrency was a strong performer relative to its peers on Tuesday. Within the top-50, only Tron outperformed NEO in terms of percentage gains.
NEO’s daily trade volumes are minuscule relative to its more established competitors, which often reflects a lack of fiat pairs. Over the past 24 hours, NEO’s trade volumes reached $160 million, according to CoinMarketCap. Binance, LBank and BitMart were among the largest markets.
Anticipation for DevCon Builds
NEO Global Development is putting together a high-profile developer conference in Seattle, Washington on Feb. 16-17 in an effort to raise awareness about the project and address a range of technical topics. The first DevCon, which was held in San Francisco last year, attracted over 600 attendees and more than 40 speakers. According to NEO’s December monthly report, speakers from Microsoft and Accenture will headline DevCon 2 next month.
“The conference will cover a lot of topics including technology issues, such as zero-knowledge proof, cross-chain protocols, distributed storage, and quantum-safe cryptography,” NEO founder Da Hongfei told Forbes in an interview last month.
Hongfei says DevCon targets three types of developers: lower-level core developers, dApps developers and those who are trying to pioneer blockchain transformation for mass adoption.
In the company’s annual review, Hongfei referred to 2018 as NEO’s “darkest hour” but said the protocol was still on track to become “the most developer-friendly public blockchain.” NEO kicked off 2019 by making its Virtual Machine deployable outside the main network. Basically, this allows developers outside of NEO to develop and execute smart contracts.
It remains to be seen whether NEO can rebound from last year’s meltdown. Even by bear-market standards, NEO underperformed its peers throughout 2018. From peak-to-trough, the cryptocurrency plummeted more than 96%.
Disclaimer: The author owns Bitcoin, Ethereum and other cryptocurrencies. He holds investment positions in the coins, but does not engage in short-term or day-trading.
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