Coins to Watch Next Week 11/20/17 - 11/26/17: NEO

 The next few days are set to be dominated by NEO after the publication of an impending announcement started to go viral. The publication has led to some furious price action over the last 36 hours, with the price of NEO rocketing from $29 all the way to $47.93, an increase of just over 58%.

NEO is a Chinese cryptocurrency that underwent a rebranding exercise in 2017, when the team behind the project ditched the AntShares model in order to focus on the current NEO brand. After the relaunch, NEO’s market value soared dramatically and resulted in NEO recording a number of all time high prices. Over the summer, NEO shot up from a price of around $7 to just under $50; this all happened within a two-week period and helped alert many investors to the price potential of the platform. As a result, it is now one of the world’s most popular digital currencies and sits near the top of the tree due to its large market cap.

NEO is often described as the Ethereum of China as the NEO platform allows smart contracts to be delivered via its blockchain. On top of this, NEO supports common programming languages such as C# and Java, which makes it highly suitable to enterprise use and opens up the possibility of nationwide adoption among Chinese firms geared to incorporate blockchain technology into their business models.

NEO is also a popular platform with Western investors who are always ready to capitalize from any positive price action. After the massive run up in price that took place in August, NEO has established itself as one of the more explosive currencies that is able to dramatically alter its price. Because of this volatility, it is expected that the price of NEO will continue to alter drastically early this week.

After reaching a peak of $47.63 yesterday, the price has fallen back and NEO now trades at a price of around $40.50. Over the past few days, speculation regarding the announcement has grown with many speculating that the announcement will reveal a number of unique, strategic partnerships. Any significant announcements will result in yet another huge spike in price, as investors will be sure to pour more funds into the NEO platform. At the same time, investors must be aware of the volatile nature of NEO and that any announcement that the market deems “unimportant”, will result in a swift retracement in price.

Whatever happens, many of the sector’s most reactive traders are keeping an eye on news regarding NEO over the next couple of days, with many having already set up specific buy and sell orders. With this in mind, NEO is definitely this week’s coin to watch.