Neo is a native coin of the neo platform which can be transfered from one Neo smart contract address to another without involving a third party. This makes it to be considered to be a decentralized coin. The first smart contract address must pay a transaction fee in form of neo gas in order for the transaction to be initiated by the neo validators . The neo delegators will use their neo coin to vote for the validators who will be using the coin to secure the neo network and to validate any transaction taking place on the neo network. This makes it to be considered to be using a delegated proof of stake consensus. On Monday the 23th of March 2020, one neo started trading at around $6.02. By Tuesday the same week, the price had managed to go all the way to around $6.86 but later came to drop to around $6.66 by Wednesday the same week. On Thursday, the market rose again to around $7.09. This market movement for NEO is caused by traders behaviour which can further be explained as below;
Traders behaviour
Since there are many dapps built on neo network, it can therefore be considered to have a high utility function thus making it to have a huge community of traders who are able to profit from its upwards and downwards movement. We can therefore say that when the NEO market is moving downwards, that will be an indication that the number of neo buyers are more than the number of neo sellers. Because of this, the neo will gain a downwards market pressure where it moves downwards with few sellers and profits with them . On the other hand, when the neo market is moving upwards, that will be an indication that the number of neo sellers are more then neo buyers. Because of this, the neo market will gain an upward market pressure where it will move upwards with few number of buyers so that it profits with them and makes many sellers to makes some losses. Therefore, since the neo market has shown a possibility of bullish behaviour since Monday, we can therefore explain its weekly bullish market price anslysis as follows;
1.weekly bullish neo price analysis based on traders behaviour
In a bullish market, the neo coin will be moving in an upwards direction. Towards the beginning of this week( Monday the 23th of March), one neo started trading at around $6.02. On Tuesday the same week, the price went as high as $6.86 but later dropped to around $6.66. On Thursday the same week, the price rose again to above $7.09. This price movement of neo for the whole week is being indicated as from the candlesticks chart below;
The above the the neo market in terms of USDT. Two points are being indicated. There is point S and point B. Before point A, the neo market can be seen to be moving in an upwards market direction all the way to around $7.09. This upward movement is due to the number of neo sellers being more than neo buyers thus causing the neo market to gain an upward market pressure and moves upward to $7.09 as stated earlier. More neo buyers enter the market expecting the neo market to continue moving upwards. Because if this, the buyers exceeds the neo sellers this causing the neo market to resist moving upwards and slightly reversed downwards to point A at around $6.63. At point A, more sellers again start selling their neo fearing to decline the valuation of their holding. This makes the number of sellers to again exceeds the number of neo buyers thus causing the neo market to gain an upward market support where it moves upward to point B at above $6.86. If the number of sellers will continue to be more than the number of buyers, then there is possibility of the neo market to continue moving upwards all the way to around $7.50 by Monday next week. If you had previously purchased your neo and you are still holding, then you can continue holding until Monday next week when the market will reach $7.50 or you can sell it at around $6.90 since from there the market will start moving downwards
Summary
Neo is a native coin of neo network with a neo gas for paying transaction. Neo uses a delegated proof of stake consensus where delegators use their neo coin to vote for validators who uses them to secure the neo network as well as to validate any transaction taking place on the neo network. One neo started trading at around $6.02 on Monday . By Thursday the same week, the price had managed to rise to above $7.09. This increase in price has been due to the number of neo sellers being more than neo buyers .This makes the neo market to trend upwards with few number of buyers where it profits with them and makes many sellers to make some losses. Therefore, we can say that when the number of neo buyers are more than the number of neo sellers, the market for neo will be moving downwards with few number of sellers. On the other hand, when the number of neo sellers are more than the number of neo buyers ,then the market for neo will be moving upwards with few number of neo buyers so that it profits with them.
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