The NEO crypto that is looking to Asia faces a setback.
The positive trend of Neo, which has been one of the cryptocurrencies sporting excellent performance this week, does not continue.
After a 4% growth in the last week, Neo meets a setback and loses 1.75% and touches €11.18.
Neo was born in 2014 at the hands of Da HongFei and Erik Zhang as a decentralized open source blockchain.
In the first part of 2023, the former AntShares made a noteworthy ride by appreciating as much as 150 %.
The NEO token turned out to be among the best of the last week in terms of gains.
Neo (NEO), which focuses heavily on staking, last year was able to take advantage of a great opportunity on the Asian world that will pay off over time.
As of 1 June last year in Hong Kong, trading can take place via crypto and this in addition to an initial boost has also brought new liquidity into Neo’s coffers.
Chinese banks, which seem to be enjoying excellent health, have opened their vaults to the crypto world by diversifying portfolios, including, though not limited to, buying Neo.
Neo (NEO) has announced that it will be one of the major sponsors of the Web3 Festival in Hong Kong and will also participate as a company.
Insiders believe that after breaking through the $10 support the token is now stable and may not return to $8 as it did before the last bull run.
Neo recently launched two new projects, Neo Year Review i.e., a crypto project incubator that complements Neo Pod, a kind of talent that funds and supports the best projects in the crypto world.
The currency’s stagnation in the market is a result of the mighty initial growth but it is only a temporary situation.
According to analysts, the token remains unstable but the long-term outlook has investors sleeping easy dreams.
The crypto company has invested heavily in research and development of new projects and insiders believe that in the long run this will create the conditions to arouse new interest in Neo.
Source: https://en.cryptonomist.ch/2023/03/22/neo-crypto-experiences-setback/