NEO Coin Price Prediction for 2019
NEO Coin Price Prediction for 2019
Once known as the Chinese Ethereum, NEO Coin has come a long way from being a new dApp facilitating blockchain to a victim of the 2018 crypto winter. NEO Coin is the primary cryptocurrency of the NEO blockchain (the other being GAS). With over $500 million in market capitalization, it is the 17th largest crypto asset in the world.
NEO Price Movement
NEO is currently trading for $7.70, which is a far cry from its all-time highs of around $180 in January 2018. The current price of the Neo is hovering around its average price in the middle of June 2017, meaning that the coin has shaved off virtually all its gains in the past 18 months. In the past one week, the price of the Neo has fallen consistently, showing that it is still feeling the jitters of the crypto winter.
In June 2018, the average daily trading volume of the coin remained conveniently below $100 million. The volume fluctuations took the coins from $70 to $97 million. By January, this volume has gone up to $122+ million.
Falling Transaction Volume
The daily transaction volume of the Neo has suffered significantly this year. Even as the bearish markets in cryptocurrency took a toll on prices of digital currencies, NEO continued to bring in higher transaction volumes every day.
It went all the way up to $368 million in the middle of July 2018 but has been experiencing a free fall since then. By January 22, 2019, this volume has gone down to only $33 million, less than 10% of its all-time highs. On the same day, Ethereum ETH transaction volume was $499.8 million while Bitcoin BTC clocked in $3.6 billion.
What Will Happen to NEO in 2019?
The forecast trend line for the currency doesn�t appear too good. If the current trends continue, the NEO currency will keep experiencing a free fall in prices. According to some estimates, prices could fall down to $5+ by early February 2019 and the same trends would lead the price to fall to $1.6 by the end of the month.
In early June, the Neo price could go down to $1.3, marketing a staggering loss for coin holders who jump into buying the coin for short-term profits. By the end of 2019, it could be collecting only $1.051. It will continue trading at the same pattern as an average USD-pegged stablecoin for the next 8 months in 2020, but the price is expected to fall below $1. It will be trading near $0.9 USD for the rest of 2020 and most of 2021.
Is NEO a Good Investment?
Anyone looking for short term profits in Neo coin will burn their hands with NEO according to current forecasts. Even though NEO Coin has a relatively strong development team, it won�t be enough to save the coin from a price embarrassment. NEO still has to find some strong backing from dApp developers and users outside of China, who place a greater value on Ethereum. EOS and now Tron Trx will also be serious competitors for the blockchain network, which doesn�t seem to be a huge challenge for the three projects as of now.
NEO Coin is a strong sell for those who are still holding it and have no intention to hold for over 5 years. Those looking for the long-term potential of the Neo blockchain and its dApps should wait a little longer and see how the competition plays out before dipping their toes.
