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  • NEO leads the crypto market recovery adding 1.67% on a daily basis.
  • NEO focuses on decentralization even as it celebrated 2-year anniversary of the MainNet.

NEO is finding balance at $16.0 following a nice bullish surge that kicked off on Thursday. Although NEO is currently trimming intraday gains, the tables show a 1.67% rise on the day. A broader look at the market shows that the bulls are back with most of the assets dancing in the green. The retracement comes after the week began with a sudden waterfall drop.

NEO Global has released its development report for period ending October 31, 2018. October was a special month for the NEO ecosystem because it marked the second anniversary of the NEO blockchain launch. The network continued with the organized event in addition to kicking of the hackathon grand tour in Europe. The platform was delighted when KPN was voted in as a consensus node within the NEO MainNet. This forms part of the journey to decentralize NEO. Moreover, both the MainNet and the TestNet have been upgraded to 2.9.0 while the developers launched NEO-CLI 2.9.1.

 Meanwhile, NEO resumed the uptrend above the moving average with a support at $15.40. Higher highs and lower lows were traded above the bullish trendline. NEO corrected above $16.00 before stopping at $16.30. A bear reaction has broken below the trendline support. NEO/USD is trading at $16.07 with the next viable support at 15.8 (close to the 50 SMA). The 100 SMA will also be of help in case of declines. The indicators are sending strong bearish signals with the RSI entering the oversold while the fast stochastic oscillator retreating further south towards 50.00.   NEO buyers must keep the price above $16.00 to avoid declines that could test the support at $15.40.

NEO/USD 15′ chart