Neo (NEO) long hailed as the Chinese Ethereum is now on an ambitious plan to grow its community. In the past few months, we have seen Neo (NEO) make a lot of progress towards building a loyal community. In this market, a loyal community is even more important for the survival and growth of a cryptocurrency. No matter how weak a project might be from a technological standpoint, if it has a loyal community it will do well. In the past, we have seen this force keep a lot of projects relevant and we have also seen the absence of this force render a lot of good projects obsolete. One of such blockchain projects with minimal use cases but a strong community is Dogecoin (DOGE). Strong community support keeps demand for projects like Dogecoin (DOGE) alive.
If Dogecoin (DOGE) can do so well with a strong community, Neo (NEO) can certainly do a lot better considering its superior technology and widespread use cases. The Neo Ecosystem is even better than that of Ethereum in most ways. However, for a long time the team behind Neo (NEO were focused more on the product than marketing of the product. Although Neo (NEO) enjoyed a lot of hype during the bull market, the interest was mostly organic and the team did not feel the need to project their work like Ripple (XRP) or even Ethereum (ETH). The daily chart for NEO/USD shows that the cryptocurrency is currently trading above its 50 day moving average and is very close to its 200 day moving average. This means that a few strong moves to the upside might result in the cryptocurrency triggering a golden cross which would be an extremely bullish development that can propel its price even further.
Neo (NEO) shares a similar outlook trading against Bitcoin (BTC).