Neo (NEO) price shot up to join the top 10 league soon after its announcement of electing a consensus node. This move comes at a time when critics, despite being aware of Neo (NEO)’s superior technology as the “Chinese Ethereum”, have often attacked the project for being too centralized. One aspect of this perception is Neo (NEO)’s link to China as everything connected to China is seen as centralized or controlled in some way. Regardless of that perception, Neo (NEO) may not have been a decentralized coin but it was no more centralized than most other blockchain projects are.
The reason why Neo (NEO) just like most blockchain projects had a hard time giving up centralized control was because a decentralized model may not have fulfilled the needs of the network before. Imagine a project in its early stages going completely decentralized. Who’s to guarantee that there will be enough backers and supporters to ensure that upgrades are run on time or as planned? Blockchain networks like Neo (NEO) have to move with a certain speed to retain competitive advantage and for it to remain viable to be used by developers and partners. These were the concerns Neo (NEO) had and this is why they could not move towards more decentralization before, even if they wanted to.
However, this recent move towards decentralization has completely changed the game for Neo (NEO). It has entered the top 10 list and some analysts are already predicting that Neo (NEO) will surpass EOS (EOS) and Cardano (ADA) in terms of market cap in the months ahead. Neo (NEO) is currently the 10th largest coin by market cap. A popular website that tracks important crypto stats and metrics to rank different coins, Coin Gecko, ranks Neo (NEO) at 5th place. If Neo (NEO) succeeds in doing what it promises to do, that is digitizing assets and identity; it may even become a serious Ethereum competitor. City of Zion, the current team of developers that works on Neo (NEO), are to be particularly credited for their hard work and strenuous efforts to have made Neo (NEO) the platform that it is today. Neo (NEO) is a platform known and respected for its solid architecture, fast speed, cost efficiency and high security.
Neo (NEO) enthusiasts expect the price of the cryptocurrency to pass the $1,000 mark by the end of the year. However, short term; the price seems due for a correction. NEO/USD has just completed a bullish gartley pattern but the RSI has run into resistance near overbought levels. The RSI on NEO/BTC chart however is in the normal range but is likely to hit resistance in the next few days and could fall back below 40. This would coincide with a retest of the support line for NEO/BTC on the weekly chart. All things considered, Neo (NEO) should be able to complete its correction before September, 2018 and may mark a new all time high later this year.