NEO dApps popping up, while GAS price is dropping.
New projects popping up on NEO blockchain are great news for the GAS token holders
The GAS is a fuel of the NEO blockchain; a currency used to pay for utilizing NEO protocol resources. Projects built on top of NEO blockchain will have to use GAS and at the same time GAS can be earned simply by keeping NEO coins in the wallet. By holding, or in other words staking NEO, passive income will be earned.
There are many new dApps are being built on top of NEO blockchain, which should drive the demand for the GAS. For example there are few startups worth mentioning, like NEX, Switcheo, Red Pulse and so on. More on NEO dApps can be found here: ndapp.org/
With the huge potential for demand, the price of GAS is also likely to increase in the long run. Dapps built on top of the NEO blockchain are yet to prove their real world usage, and if/when they will become commercially accepted, NEO along with the GAS token have a good chance to rise above all-time highs.
Currently, as the entire cryptocurrency space is struggling, the price of GAS has also been moving down. Back in January 2018, GAS has been traded at btc 0.007, and in August it hit the low at btc 0.0006. This is a huge 91.5% drop,that took only 8 months.
Will GAS/BTC recover at any time?
Certainly it should be expected in the coming month, but at this stage it is not clear when and how strong the recovery will be. Back on the 14th of August, GAS reached th low at btc 0.00066, where it rejected the 427.2% Fibonacci support level, of the Fibs applied to the corrective wave up after the uptrend trendline breakout.
At the same time, new Fibonacci time zone cycle has started and price went up from btc 0.00066 up to the 0.00120 resistance, but failed to break above. Nevertheless, the 200 Moving Average and the RSI downtrend trendline were broken, suggesting the upside growth.
The next Fibonacci cycle starting on the 13th of October, which is just 3 days to go. At that stage the trade volume might increase, resulting in breaking above or below the trading rage, established between btc 0.00066 support and 0.00120 resistance.
As the RSI is holding the uptrend trendline, break above the 200 Moving Average could be the signal on another wave up. But price breaks belwo the btc 0.00066 support, GAS/BTC could decline towards the next support level, at 0.00013.
This could be the bottom of the GAS downtrend, as first signs of the trend reversal are there. Formation of the “higher highs and higher lows” pattern should help to confirm the reversal, while break below the support could have a negative impact on the price..
The GAS is a fuel of the NEO blockchain; a currency used to pay for utilizing NEO protocol resources. Projects built on top of NEO blockchain will have to use GAS and at the same time GAS can be earned simply by keeping NEO coins in the wallet. By holding, or in other words staking NEO, passive income will be earned.
There are many new dApps are being built on top of NEO blockchain, which should drive the demand for the GAS. For example there are few startups worth mentioning, like NEX, Switcheo, Red Pulse and so on. More on NEO dApps can be found here: ndapp.org/
With the huge potential for demand, the price of GAS is also likely to increase in the long run. Dapps built on top of the NEO blockchain are yet to prove their real world usage, and if/when they will become commercially accepted, NEO along with the GAS token have a good chance to rise above all-time highs.
Currently, as the entire cryptocurrency space is struggling, the price of GAS has also been moving down. Back in January 2018, GAS has been traded at btc 0.007, and in August it hit the low at btc 0.0006. This is a huge 91.5% drop,that took only 8 months.
Will GAS/BTC recover at any time?
Certainly it should be expected in the coming month, but at this stage it is not clear when and how strong the recovery will be. Back on the 14th of August, GAS reached th low at btc 0.00066, where it rejected the 427.2% Fibonacci support level, of the Fibs applied to the corrective wave up after the uptrend trendline breakout.
At the same time, new Fibonacci time zone cycle has started and price went up from btc 0.00066 up to the 0.00120 resistance, but failed to break above. Nevertheless, the 200 Moving Average and the RSI downtrend trendline were broken, suggesting the upside growth.
The next Fibonacci cycle starting on the 13th of October, which is just 3 days to go. At that stage the trade volume might increase, resulting in breaking above or below the trading rage, established between btc 0.00066 support and 0.00120 resistance.
As the RSI is holding the uptrend trendline, break above the 200 Moving Average could be the signal on another wave up. But price breaks belwo the btc 0.00066 support, GAS/BTC could decline towards the next support level, at 0.00013.
This could be the bottom of the GAS downtrend, as first signs of the trend reversal are there. Formation of the “higher highs and higher lows” pattern should help to confirm the reversal, while break below the support could have a negative impact on the price..
Trade closed: target reached:
GAS hitting support