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  • During the European session, the NEO/USD plunged to the $54.71 level, losing -3.5% so far.
  • Erik Zhang first announced his plans to build N3 in July 2018, and since then, the blockchain sector has changed significantly.
  • Forex trading participants may look for a sell trade below the $250 level to a target of $235. 

During the European session, the NEO/USD plunged to the $54.71 level, losing -3.5% so far. The day before, the NEO/USD closed at $55.604 after placing a high of $62.994 and a low of $54.929. The pair lost all of its gains and returned to the $55 level after rising to near the $63 level in a single day. If you are wondering what to expect and where to buy DASH, let’s find out below…

Migration to Neo N3- Can it Underpin NEO?

It’s been a month since the leading-community-driven blockchain platform, Neo, unveiled its roadmap for its mainnet and migration to N3. The Neo N3 is designed to build an open network for the smart economy by giving assets, digital or physical, access to programs. That, along with human beings with minimized trust and permission.

Erik Zhang (Founder of Neo) announced his plans to build N3

The founder of Neo, Erik Zhang, first announced his plans to build N3 in July 2018, and since then, the blockchain sector has changed significantly. The upgrade to N3 will bring considerable changes to the blockchain as it will provide platform-native decentralized storage and oracles.

Some minor changes like fundamental upgrades, including a refurbished governance system, optimized architecture, and an enhanced economic model, will also be a part of N3.

The upgrade to N3 will be a best-in-class tooling system with multi-language support. Furthermore, it’s expected that these optimizations will make Neo N3 the ideal blockchain development platform. The mainnet launch of Neo N3 is ready to be completed as only the last stage has been left. However, the work is in progress, giving support to its token prices, NEO/USD.

Since the founder of the Neo platform announced plans to launch Neo N3, the token NEO/USD has been moving higher. Recently, on 17th August, the altcoin reached its multi-month high level at $91. However, the pair is now taking a bearish reversal amid technical factors. Let’s take a look at technical analysis.

Where to Buy NEO/USD?
NEO/USD 4-Hour Chart

NEO Price Prediction – Technical Levels

Support Resistance

52.690 60.755

49.777 65.907

44.625 68.820

Pivot Point: 57.842

NEO/USD Retests $53.65 Support – Where to Buy Neo Now?

The Neo price prediction is bearish on Wednesday as it has already violated an intraday pivot point level of $57.842. On the 4 – hour chart, the NEO/USD pair shows a definite downward trend as it has formed bearish engulfing patterns.

On the 4 – hour timeframe, the 50 day EMA (Exponential Moving Average – Red Line) holds at the $57.50 level, demonstrating a selling trend. Moreover, the Stochastic RSI indicator has entered the selling zone, as its value is held at around 1.90. That means sellers may get fatigued soon and trigger profit-taking. If this occurs, Neo buyers may begin to enter the market.

On the bullish side, a breakout of the $57.45 level now could lead the DASH price towards $60.35 and $63 levels. In contrast, the break below the $53.50 level could offer a quick sell trade until the $48.85 support level.

Therefore, forex trading participants may look for a buy trade above the $53.50 level to the target of $57. Alternatively, we can place a sell stop below $53.50. All the best.

Where to Buy NEO/USD?

You can buy it on eToro. It’s one of the trusted exchange platforms in the crypto space. eToro supports copy trading, which allows new traders to learn from market experts. eToro also charges low trading fees and commissions.

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