NEO has made clear its intentions to take on Bitcoin and Ethereum. The asset is currently working on increasing speed and scalability with the planned upgrade to a centralized blockchain.
According to NEO founders, the centralization of its blockchain will bring speed and scalability needed to power transactions on the network.
NEO’s selling point is its ability to establish a full smart economy with digital assets, smart contracts, and digital identity. All these products can be utilized for real-world applications alongside being incorporated in the real economy.
Once the blockchain has been rolled out, we can start witnessing its value on the price of NEO. If successful, NEO might hit the $20 mark. By the time of writing, NEO was trading at $11.28 with a market capitalization of $733 Million.
The market operations of the NEO/USD pair might keep moving in a range around the $10 mark. For the asset to move upwards, the bulls need to establish a solid foundation in the range of $9- $14.
However, a forceful breakdown of the immediate accumulation territory has the ability to allow the bears to take control of the market for a few coming days.
An analysis of NEO’s price in 2019 shows some stability after it hit its lowest mark back in February. The asset traded at $6.88. NEO managed to surprise many when it traded at $13.09 back in April.
NEO’s next resistance level will be around $15. The digital asset’s value has majorly been influenced by speculators. Going into the future, we expect the value of NEO to rise based on the number lined up projects.
Recently, the foundation unveiled its roadmap dubbed NEO 3.0. The foundation is set to support large-scale commercial applications with blockchain technology. The latest developments will focus on stability and security, an optimized smart contract system, and a feature-packed infrastructure set for diverse business applications.