In the crypto market, new projects appear every day. On average, only one project out of ten becomes a complete working ecosystem, and only a few of those have an application to the problems of the modern world. One successful start-up is NEO, open-source crypto with the extended functionality to develop smart contracts and decentralized applications (dApps).
What Is NEO?
NEO, in short, is a blockchain project from China founded in 2014. It used to be called Antshares, but this changed later. NEO cryptocurrency is also called the Chinese Ethereum because they are strongly committed to creating a smart economy and receiving huge Chinese government support. This means that the project developers want to make it easy to use smart contracts on the NEO network.
For investors to use the NEO platform, the second crypto is used – namely, GAS. This can be considered the fuel of NEO. One share of the NEO token is also seen as one share in the network, and the GAS crypto is used to make transactions on this network.
It is possible to earn GAS with your NEO coin by saving your NEO coin in official wallets. This is due to the proof of stake principle. You deposit your NEO coin in your wallet and receive a portion of the GAS spent on the network in proportion to the amount of NEO coin you own. It is thus possible to generate some passive income for yourself.
You can imagine that when the NEO price or the GAS price rises, you will benefit from the price difference on your NEO but also that of your obtained extra GAS.
This is one of the reasons investors invest or have invested a lot in NEO crypto in the past. Over the years, as with any project, a lot has happened with the NEO price action. We should add that it’s impossible to mine this virtual currency because they were all distributed during the ICO.
The NEO team was working on the project for three years. The Cryptocurrency market has been waiting for the NEO 3.0 release since the end of 2020. The launch was postponed several times. However, in March 2021, Neo started rolling out an N3 version of its public blockchain technology.
NEO tries to create its own digital identity by attracting developers to create decentralized applications on the blockchain platform. The improved consensus protocol can be used worldwide. The upgrade of the system occurs when the Ethereum network (a major competitor of NEO) is suffering capacity problems. Moreover, China, famous for its strict crypto regulation, claimed blockchain as a strategically leading technology.
NEO 3.0 will raise transaction speed from 1,000/second to 5,000/second and cut “gas fees” 100 times. The fee reduction is a core point in competition with ETH, which has too high fees.
The upgrade will include a decentralized file storage solution and a new governance mechanism. Under the new governance, NEO holders will vote in a NEO Council, which includes 21 members. The Council will control the management of fees, network upgrades, and other operation-based cases.
Poly Network, a consortium interoperability protocol, is used to facilitate NEO token migration to the new network. The migration with Poly Network will show whether the network works well to create a blockchain from scratch and transfer all the data from the existing chain without errors.
Here are some of the major elements of the NEO 3.0 network that are supposed to attract developers to the system: multi-language support, native oracles that secure access to any off-chain data, advanced interoperability, decentralized storage, and self-sovereign identity, best-in-class tooling, and a dual-token model.
Sometimes people include NEO in the list of Ethereum Killers. Both systems provide similar features for the market, but NEO has more advanced technology and surpasses ETH in various aspects.
The platform uses its own virtual machine NeoVM, allowing you to run even the most complex contracts quickly. The theoretical network capacity is 10,000 transactions per second.
At the moment, the speed does not exceed 1000 tps. NEO implements an advanced dBFT protocol that effectively protects the system from most known cyberattack methods. Unlike Ethereum, which uses the extremely sophisticated programming language, Solidity, NEO supports Java, C#, Kotlin, GO, and Python.
In the middle of April 2021, after NEO 3.0 started rolling out, the NEO/USD pair managed to hit $130. It’s a significant rise from 0.0320 USD during the ICO in August 2017. Analysts and crypto enthusiasts believe that it’s not the limit and that further development will lead to higher prices.
NEO price history
Before the rebranding in 2017, NEO was previously called Antshares. When the company finished rebranding and became NEO, the coin’s price increased from $1 to $7. The crypto community started actively buying NEO when it learned about the coin. In August, the coin reached $40, and the market capitalization of NEO was $2 bln.
For several months, NEO was traded between $20 and $40; then, in December 2017, it started growing rapidly and nearly all the other digital assets on the market. Beyond benefitting from the overall influx of buyers into the market at that time, the growth of NEO was boosted by it getting listed on Bithumb, the largest active crypto exchange at the time. As a result, in mid-January, the coin reached its ATH – $196.
When the market turned bearish, NEO started going down. In March 2018, the digital coin cost about $52, but it returned to $76 before falling back again to $40. April was the last month when NEO showed solid growth and reached $83. After that, the coin started gradually falling, and by the end of 2018, NEO’s rate was $7.
In April 2019, when Bitcoin started growing again, NEO jumped from $9 to $12. Besides, NEO upgraded its algorithm to improve transaction speed and stability of the network. However, the update didn’t have a significant effect on the market price of the coin. By the end of June, the coin reached $20 and then dropped to its price of $8.
In September 2019, NEO presented three new products: NEO ONE Developer Framework, NeoFS Distributed File System, and NEO Blockchain Toolkit. All these tools will be used in the new NEO 3.0. After the announcement, the coin price gradually grew to $10 and, in November, fell back to $8. For the next seven months, the coin price has been fluctuating from $6 to $14.
As you see from the historical chart above, the NEO price breaks through the local highs, and the candlesticks’ lows are rising. There is a clear bullish trend. Blue dots mark the peaks of trading volumes in 2019 and 2020. Opposite, there are Japanese candlesticks, which we should analyze to identify closing levels, lows, and highs. These figures will define the key support and resistance level.
In July 2019. The NEO price is trading in the uptrend as indicated with the red candlestick, which indicates a bearish price movement. The candlestick is close and low.
The trading volume formed in September 2020 was high at 25.62 and broke the current January candlestick, but the price failed to consolidate above.
The most recent January candlestick is green; its body covers the candlestick bodies over the previous four months. Therefore, the NEO bullish momentum is likely to continue.
The NEO price at the start of this month has been ranging from around $30 to $50 and seems to have acquired bullish potential.
NEO Technical Analysis
The NEO price technical analysis shows the 4-hour price movement of the coin. We can see that the price of the coin has bounced to the lower end of the Bollinger Band and is currently trading below the 50-day MA but below the 100-day MA.
In December, the NEO price is forecasted to reach the price of $96.27.
NEO price prediction from Tradingbeasts
NEO price forecast for January 2022
The expected max price is $46.159; the minimum price is $31.388. The NEO prediction for the end of the month is $36.927.
NEO projection February 2022
According to Tradebeast’s projection, the average NEO price for February 2022 is 37.056 USD. The price is expected to hit the max price of 46.320 USD and a minimum price of 31.498 USD. The NEO projection change for the end of the month is -2.30 %.
NEO projection March 2022
According to Tradebeast’s projection, the average NEO price for March 2022 is 37.140 USD. NEO is expected to hit the max price of 46.425 USD and a minimum price of 31.569 USD. The NEO projection change for the end of the month is -2.08 %.
NEO projection April 2022
According to Tradebeast’s projection, the average NEO price for April 2022 is 37.195 USD. NEO is expected to hit the max price of 46.494 USD and a minimum price of 31.616 USD. The NEO projection change for the end of the month is -1.94 %.
NEO projection May 2022
According to Tradebeast’s projection, the average NEO price for May 2022 is 37.209 USD. NEO is expected to hit the max price of 46.512 USD and a minimum price of 31.628 USD. The NEO projection change for the end of the month is -1.90 %.
NEO price projection January 2023
According to Tradebeast’s projection, the average NEO price for January 2023 is 35.466 USD. NEO is expected to hit the max price of 44.333 USD and a minimum price of 30.146 USD. The NEO projection change for the end of the month is -6.50 %.
NEO projection February 2023
According to Tradebeast’s projection, the average NEO price for February 2023 is 34.930 USD. The price is expected to hit the max price of 43.663 USD and a minimum price of 29.691 USD. The NEO projection change for the end of the month is -7.91 %.
NEO projection March 2023
According to Tradebeast’s projection, the average NEO price for March 2023 is 34.360 USD. The price is expected to hit the max price of 42.951 USD and a minimum price of 29.206 USD. The NEO projection change for the end of the month is -9.41 %.
NEO 2024 price prediction from Tradingbeast
NEO projection January 2024
According to Tradebeast’s projection, the average NEO price for January 2024 is 32.817 USD. The price is expected to hit the max price of 41.021 USD and a minimum price of 27.894 USD. The NEO projection change for the end of the month is -13.48 %.
NEO projection February 2024
According to the forecast, the average NEO price for February 2024 is 34.626 USD. The price is expected to hit the max price of 43.282 USD and a minimum price of 29.432 USD. The NEO projection change for the end of the month is -8.71 %.
NEO projection March 2024
According to the forecast, the average NEO price for March 2024 is 36.252 USD. The price is expected to hit the max price of 45.315 USD and a minimum price of 30.814 USD. The NEO projection change for the end of the month is -4.42 %.
NEO projection April 2024
According to the forecast, the average NEO price for April 2024 is 37.925 USD. The price is expected to hit the max price of 47.406 USD and a minimum price of 32.236 USD. The NEO projection change for the end of the month is -0.01 %.
NEO projection May 2024
According to the forecast, the average NEO price for January 2022 is 39.484 USD. NEO is expected to hit the max price of 49.356 USD and a minimum price of 33.562 USD. The NEO projection change for the end of the month is 4.10 %.
NEO 2021-2033 Coinforecast price prediction
According to the NEO’s price prediction by the chart above, the NEO coins will have a price of $49.26 by the end of the year. This is +33% from the current price of NEO. NEO prices for the end of the year 2022 are $56.76. Although, the future price of the coin will reach as much as $253 as predicted by Coinforecast.
NEO Price Prediction by Digitalcoin
According to the latest long-term forecast by Digitalcoinprice, the NEO price will hit $65.56 by the end of 2022 and then $93.23 by the middle of 2024. NEO will rise to $107.99 within the year 2025, $134.26 in 2026, and $166.06 in 2028.
As you can probably tell, predicting the future of any cryptocurrency is never simple. Many elements determine whether the price will rise or fall. NEO provides many technological advantages over Ethereum, and these advantages give NEO a positive future.
Based on the averages of algorithms and expert opinions, one NEO coin price will be above $500 in 5 years, roughly 4x higher than the current NEO price. This makes NEO a worthwhile long-term investment.
With all this in mind, investors are advised to speak to a financial advisor before making investment decisions. Most importantly, never invest more than you can afford to lose. The cryptocurrency exchange market could come crashing down at any moment.
NEO Price Predictions – FAQ
In 1 year from now, what will NEO be worth?
In July 2022, the price prediction NEO price will be, on average, $34.951. NEO might hit the $43.688 mark before the end of the year.
Will NEO go up in 2022?
Yes, according to forecasts, the NEO price is going to increase and trade at $83.5353 by the end of 2022.