FxWirePro: A Detailed look at NEO with daily technical (NEO/USD on verge of breakout)

NEO is a blockchain platform similar to Ethereum which offer creation of smart contract and dApps. It is often called as “Ethereum of China”.

dApps: It is also known as decentralized applications. dApps are digital applications that run on a block chain or Peer-Peer network without under control of a single authority.

The Neo block chain was created to enable for the deployment of different types of dApps.    The dApps that are deployed by NEO include NEX,Red Pulse,Phantasama and Qlink.

The ranking of NEO is 12th in coinmarketcap list and is expected to move higher in near term. It can achieve this through City of Zion. The City of Zion is large community of open source developers, designer formed to support the NEO core and ecosystem. It has already developed very important projects such as NEO wallet,NEOSCAN and NEOMON.

News Update:

Neo and Ontology has collaborated since May 2018 in a Memorandum Of Understanding Concerning Strategy and Technology. Neo and Ontology will be working together to produce smart contract ecosystem like NeoVM and NeoContract.

Ontology was working closely with Neo and launched its Mainnet and price surged almost 25% this week after the launch.

Technical

The pair jumped more than $10 from the low of $27.On the higher side, major trend line resistance is around $40 and any break above confirms minor reversal. Any convincing break above target $50/$58/$69 (61.8% fib).

On the lower side, near term support is around $34 (20- day MA) and any break below targets $27/$20.

It is good to buy on dips around $34-34.50 with SL around $27 for the TP of $50/$58.