Neo Shows Not All Crypto Will Survive
- NEO an amalgamation of several crypto technologies
- This crypto is highly levered to China
- It will struggle as long as Bitcoin does
NEO has fallen apart
While it initially took off, especially in countries like China, NEO has now completely crumbled. Because of this, the market is very likely to see a continued malaise when it comes to NEO, as one of the major issues facing NEO and many other crypto currencies is that there has been a lack of adoption. Quite frankly, we are 10 years away from the “block chain revolution”, and simply haven’t found much in the way of a use.
As NEO could be thought of as a cryptocurrency, it should also be thought of as a platform. Unfortunately, blockchain simply hasn’t been found to be the Savior that it once was. In that sense, it’s much like the money that was made ahead of the hysteria of the year 2000. That was when tons of money was thrown into correcting potential software issues.
Ultimately, Bitcoin is the granddaddy of them all. Bitcoin couldn’t get much of a foothold over the last couple of months, and in that scenario it’s unlikely that other cryptocurrencies will pick up. NEO being so highly levered to China is also a major issue, as the Chinese government has made several attempts to crack down on cryptocurrency.
NEO would probably need to clear the $20 handle to show any real sustainability of the longer-term.
Price tells you everything you need to know
Despite what some crypto evangelists will say, price is truth. The fact that the price of NEO is so low tells you how unimportant it seems to be at this point. While some crypto could thrive in the future, it looks as if NEO won’t be one of them. Going forward, it’s likely that any short-term bounce should offer a nice shorting opportunity for those who are willing to step in. Ultimately, this is a market that could go as low as zero someday. Expect a lot of headwinds just above.