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NEO Price Skyrockets by More Than 45 Percent, Leading Massive China Coins' Rally

  • Alex Dovbnya
    📰 News

    The Chinese Ethereum is on a tear with its price surging by more than 45 percent

NEO Price Skyrockets by More Than 45 Percent, Leading Massive China Coins' Rally
Cover image via www.123rf.com

NEO, the token behind the eponymous Chinese Blockchain, has exploded in value with more than a 45 percent gain over the last 24 hours.

At the time of writing, the 18th biggest cryptocurrency is changing hands at $12.24, its highest price level since July 2019. 

NEO Price
image by coinstats.app

Trading expert Josh Rager points out that the trading volume of NEO has increased by more than $1 bln, which shows that investors are FOMOing in on the China news. 

NEO, which of often referred to as the "Ethereum of China," has a lot of in common with the second biggest Blockchain out there. Both of these projects allow their users to create smart contracts and dApps. However, NEO is more scalable, and its supporters believe that it could take Ethereum's crown one day.  

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As reported by U.Today, China's President Xi Jinping officially embraced the Blockchain technology on Oct. 24 despite the fact that Bitcoin has been banned in the country since September 2017. 

The abovementioned endorsement allegedly gave a huge boost to positive crypto sentiment around the globe with Chinese cryptocurrencies experiencing the biggest gains. NEO (NEO), Ontology (ONG), Nebulas (NAS) are currently leading the ongoing cryptocurrency market rally.  

Tron (TRX), the token of Jack Ma protege Justin Sun, is also on a tear, having surged by more than 17 percent, according to CoinStats data.        

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About the author

Alex Dovbnya (aka AlexMorris) is a cryptocurrency expert, trader and journalist with an extensive experience of covering everything related to the burgeoning industry — from price analysis to Blockchain disruption. Alex authored more than 1,000 stories for U.Today, CryptoComes and other fintech media outlets. He’s particularly interested in regulatory trends around the globe that are shaping the future of digital assets.

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Bitcoin's Parabolic Uptrend Remains Intact Despite Price Collapse: Tuur Demeester

  • Alex Dovbnya
    📰 News

    Tuur Demeester wants you to buy the dip as Bitcoin touches the support of its parabolic uptrend for the first time since March

Bitcoin's Parabolic Uptrend Remains Intact Despite Price Collapse: Tuur Demeester
Cover image via u.today

Disclaimer: The opinion expressed here is not investment advice – it is provided for informational purposes only. It does not necessarily reflect the opinion of U.Today. Every investment and all trading involves risk, so you should always perform your own research prior to making decisions. We do not recommend investing money you cannot afford to lose.

Tuur Demeester of Adamant Capital has just taken to Twitter to calm down Bitcoin enthusiasts who might have been swayed by incredibly bearish sentiment on crypto Twitter. 

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Bitcoin recently dropped to $6,800, its lowest level since early May. However, Demeester apparently sees this as yet another opportunity to buy the dip. He states that top coin's parabolic uptrend that started at the beginning of 2015 hasn't been violated. However, Bitcoin has tapped support for the first time since March when Bitcoin was trading well below $4,000. 

Shortly after printing a huge red candle on the logarithmic chart, the Bitcoin price spiked by 20 percent on Apr. 2, which started the coin's massive run to $13,700. 

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Crypto Analyst Doesn't Expect Bitcoin Price to Repeat Past Halvenings

Crypto Analyst Doesn't Expect Bitcoin Price to Repeat Past Halvenings

As of now, BTC is down by nearly 50 percent from its yearly high, but this might not be the end of the nightmare for Bitcoin bulls. According to trading exert Josh Rager, the crypto king could plunge below the $7,000 level again after a fakeout to the $7,500 range. 

Gold bug Peter Schiff recently predicted that BTC could collapse to $10,000 level after competing the head-and-shoulders pattern.  

At the time of writing, BTC is sitting $7,313, CoinStats data shows. 

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About the author

Alex Dovbnya (aka AlexMorris) is a cryptocurrency expert, trader and journalist with an extensive experience of covering everything related to the burgeoning industry — from price analysis to Blockchain disruption. Alex authored more than 1,000 stories for U.Today, CryptoComes and other fintech media outlets. He’s particularly interested in regulatory trends around the globe that are shaping the future of digital assets.

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