Neo Price Up By 8.36% – Time to Buy NEO Coin?

• Lyrebird Finance set to launch the first stablecoin for the Neo blockchain encouraging investors to buy NEO
• Blockchain-based Service Network (BSN) adds Neo’s Jiuquan Chain to the minting of legal NFTs in Mainland China
• Centralised exchange Hitbtc is supporting the transition to the N3 Migration for the protocol’s two native tokens – NEO and GAS.

The blockchain ecosystem is facing a slew of sell-offs following growing economic travails. Crypto bellwether, Bitcoin, is retracing most of its gains and retracing to the $40K price peg. The second most valuable crypto asset Ethereum has also endured a dip in price. However, a number of altcoins like Neo blockchain have been resilient spurring investors to buy NEO.

Also a layer-1 smart contract network, Neo blockchain is out to engender massive adoption of decentralised finance (DeFi) while making sure that users get to enjoy high transaction speed as well as low costs in interacting with its blockchain.

Although not counted among the elite class of ‘Ethereum killers,’ the Neo blockchain is a promising project with huge upsides for early investors.

Lyrebird Finance Set to Launch First Stablecoin on Neo

Stablecoins have seen significant growth in the last year given their importance in the DeFi ecosystem. Prominent names like Tether’s USDT and Circle’s USDC control billions of dollars digitized fiat currencies. These two juggernauts mainly interact with the Ethereum blockchain and a number of others.

However, this is about to change as Neo is getting its first native stablecoin courtesy of Lyrebird Finance. In a recent news update, the algorithmic stablecoin and synthetic protocol announced it would be launching Neo’s first stablecoin called LUSD. The project is expected to fully materialise in March according to a roadmap shared in the release.

BSN Partners Neo for Legal NFT Release in Mainland China

The Chinese government has remained firm in its decision to outrightly ban controversial cryptocurrencies from its territories. However, the Asian giant is not opposed to the use of the underlying blockchain technology to create more sophisticated and efficient processes and solutions.

One of the areas China has given a nod to blockchain is in the non-fungible token (ecosystem). According to a Medium post, China-owned Blockchain-based Service Network (BSN) will be partnering with Neo’s tokenless Jiuquan Chain to create NFTs duly renamed Decentralised Digital Certificates (DDCs) according to the guidelines of the Chinese government.

Neo’s China office will be joining other nine blockchain solutions forming the Chinese blockchain ecosystem to make the project a success.

HitBTC Adds Support for NEO And GAS Tokens

Still adding to an impressive fundamental growth, popular centralised exchange HitBTC has recently announced support for the newly launched N3 Migration for NEO and GAS tokens. According to a Twitter post, users will now be able to trade NEO against USDT, BTC, ETH, HIT, DAI, and EUR.

Following closely behind, GAS tokens would be traded against BTC, ETH, and USDT. These fundamentals point to Neo’s growing relevance making now an ideal time to buy NEO.

Technical Analysis of NEO – Time For A Rally?

Looking at the technical performance of NEO gives us more clarity as to its long and short-term performance.

The utility token is currently trading above the 50-hour exponential moving average (EMA) of $23.05, indicating a growing bullish confidence. NEO is currently trading at $26.20, up 8.36% in the past day. A weekly gain of 6.10% points to a growing bullish trend.

With its uptrend, NEO may likely face resistance at the 61.8% Fibonacci retracement price of $27.74 before picking up steam.

The moving average convergence and divergence (MACD) shows a strong buy signal while the relative strength index (RSI) figure of 60.77 shows that Neo is trading in the underbought region, making now an ideal opportunity to buy NEO.

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