Somebody poke NEO, is it still alive? Heya All,
While BTC is taking a week-end rest I have the inclination to proceed and revisit some of my favourite shitcoins and NEO is definitely one of them. This coin and platform has all that is needed for a solid DAPPs coin and in many ways fundamentals of NEO stood head and shoulders above ETH, Stelar, Cosmos and other similar DAPP platforms yet it took more beating and more damage than any of these.
Needless to say, NEO community internationally was and perhaps still is one of the strongest. Citi of Zion, despite somewhat corrupt structure, is still a much better governance system than any of the similar platforms offered.
At this point, the question still begs to be asked, what happened with NEO? Apart from nearly 2-year long bear market what has resulted in a collapse of the Da Hong Fei's empire? - I am not a NEO Expert, but I will try to elaborate on some of the shortcomings of the projects and reasons why it was not able to gain traction even after announcing the NEO 3.0 version upgrade. Here they are:
- Not being able to develop a strong report with the Chinese government ( with any other Gov for that matter).
- Not being able to establish a simple yet elegant use case on GOV or major business level. (For example, collaborations with Alipay or Wechat would have catapulted NEO to a whole new level. Similarly, it would have been beneficial to deploy notarial, public, business and land registry services on NEO for any of the countries where they have a prominent presence).
On a positive note, I think NEO still has a fighting chance and will rise again if the management team will ramp up international efforts, Will resume to be more proactive when engaging the international community and when supporting promising projects on the platforms.
And yes, for now, NEO is bearly breathing and it is 200K short away from total collapse. Several factors that accompany NEO's current situation are the following:
1. Low liquidity - No one with the mother is trading this asset. There are small movements on Finex but all of it looks like a bunch of liquidations and some in-house market making to keep the price level afloat.
2. Price action looks like swiss cheese - There are so many gaps in the price action on lower timeframes that I suspect that no one trades this asset at their own will.
3. Possibility to short neo to kingdom come - It looks like the whole asset can be short to 8$ level and beyond with just 200 K account and a couple of smart traders.
4. 30 Days from the golden cross to the death cross - Currently neo is under the death cross. Lat death cross ended about a month ago and current one took a change of the price action quite recently. There is more mad news, the 50EMA-200 SMA death cross is about to take place soon, which again might send NEO to lower price targets.
If I had a position in this Asset, I would close my shorts now, liquidate my holdings and would move my positions to BTC.
Will NEO rise again? -Perhaps... Soon? -Nobody knows!
Happy trading and stay safe!
Archie
