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Daily price analysis: NEO continues to rise after overtaking TRON on the daily chart

It’s a welcoming day for cryptocurrency enthusiasts this evening since almost all digital coins are in the green zone. Additionally, NEO experienced the highest gains of about 8% in the last 24 hours following the Hype surrounding the coin after overtaking TRON on the daily chart.

Initially, the coin’s price rebounded sharply from the annual low of $27.03 hit on June 29 to an intraday high of $48.9 on July 4. This gain was about 81% that took place in a span of one week. However, the bears gained control of the price for a while, and the brief uptrend could not be sustained. However, the bulls started taking control after overtaking TRON on the daily chart.

Currently, the bulls seem to have won the fight and may hold this position much longer according to all technical signs. Additionally, the coin is currently trading at $41.36 and has a total market capitalization of $2.7 billion. The coin’s daily trading volume is at $225 million and is fairly distributed across exchanges, though the majority is concentrated in USD-pegged trading pairs.

The coin seems to be capitalizing on the publicity that it managed to gain after the announcement on 4th July declaring that the ‘Chinese Ethereum’ has entered what can be termed as the ‘era of decentralization’. Practically, the foundation has began reducing its fairly-comprehensive control of the network by opening mainnet node operation to other groups.  The digital coin has a lot of potentials, that is even recognized by the Chinese who are considered not really crypto-friendly.

The event includes a city of Zion which is an independent group made of translators, developers, and designers with a global reach that has teamed up to support NEO core and the network as a whole. This developed might see increased investment in the network, resulting in a price increase.

Do you think the event will have any significant effect on the coin’s price?

Share your views in the comment section below

coinmag

Having contributed to many leading financial blogs, Ken's love for cryptocurrencies and the blockchain technology has him on high alert on all price developments within the cryptocurrency sphere.

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