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NEO Forging Forward Despite Last Week’s Drop

15 january 2019, 09:55 by John Kiguru

NEO Forging Forward Despite Last Week’s Drop

Despite ending last week knee-deep in red and extending losses through the weekend and in the early hours of Monday, a flash hike around the market has seen most coin’s turn bullish. NEO is among the coins commanding the market with one of the best performances.

Among the best performers of the day is Ethereum ETH and Bitcoin BTC which have soared by 8% and 3% respectively at the time of press. Bitcoin’s movement has seen it secure a position above $3,700 which is largely symbolic of a bullish rally in the short-term.

At the time of press, NEO is edging close to the $8.00 position after an over 5% spike. Indicators show that the coin will test the $9.02 position in the next couple of hours.

NEO has not had the best start to the year as it has been largely volatile, recording gains and drops sporadically.

However, its worst drop came on January 10 when it dropped from over $9.42 to $7.84. This was followed by more sporadic movement through the weekend, hitting a year low of $7.19 on Sunday.

The year 2018 was one of the hardest years for NEO as the coin not only lost over 90% of its value but also slipped from a top ten ranking coin to 18th at the time of press. Many investors seem to have lost faith with the once dubbed “Chinese Ethereum”. Despite the drops, project co-founder Erik Zhang maintains that prices are not concerning. According to Zhang, the project is far more interested in making improvements to the functionality of the network than prices.

Although true that network functionality will always be a priority for most projects, prices will always influence key players, affecting functionality.

The year 2019 has largely been bullish for NEO but the project will have to do a little more instability to ensure it remains this way.

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