Neo (NEO), one of the top 20 cryptos of the market, recently launched a heterogeneous interoperability protocol with Ontology and Switcheo Network named Poly Network. These founding members together will look into the scalability challenges and upgrade the mainstream blockchain applications.
Poly Network is already supporting Ethereum, NEO, Ontology, and Cosmos-SDK and plans on including Bitcoin for creating a fair and right interoperable future. The founding members’ goal remains clear and smart to achieve optimized efficiency, transferable value, and privacy for the new heterogeneous project.
With an escalation in the blockchain platform’s developments—NEO, the price is now hitting a fresh YTD high at $17.5 while currently trades at $15.86.
Neo, at the press time, was holding support from MA50 & MA200 at $12 & $10. The currency after marking a YTD low at $3.98 during the massive market crash in March was seen drawing a notable uptrend, and a bullish candlewick rose above 61.80% Fib Retracement level at the onset of June 2020.
With the slightest pullback after testing 3-month resistance around $13, NEO price plummeted to trade around 50.0% Fib level until a parabolic rise that was initiated in the last week of the previous month.
With intraday bullish sentiment, NEO/USD is already hitting the upper BB, and as per the bands’ formation and NEO price prediction, we project moderate volatility. In this regard, the MACD chart exhibits a bullish divergence. Similarly, the RSI of the Neo is inclined towards the overbought region due to emphasizing the demand for security and lies at 68.68.