NEO price is getting back to upside direction

Neo price has been witnessing a volatile trend for the last one week. It has initiated this week on a very bearish note as the market has seen a decline lately.

The cryptocurrency market has seen a major bearish direction blow over the last 24 hours. Since today’s daybreak, the NEO price is trying to get back to the upward direction. Meanwhile, Bitcoin, which was supposed to lead the price bull run this time, has shrunken to $8700 with a very negative bias.

NEO price is getting back to upside direction

The Neo coin was supposed to target the $12 price mark, is now struggling to climb above $10. While its price trend is moving sluggishly, it has grabbed the attention of the crypto community with a recent collaboration. 

Neo coin has joined hands with FLETA to work on blockchain-based use cases. As FLETA has inked a partnership with Neo, it aims to expand out of South Korea. This partnership may help the Noe to gain some traction in the space. Increased engagement with the Neo coin is likely to contribute to its price trend.

The altcoin has depicted a very slow-paced price recovery here. Neo price has still not touched the $10 mark after the fall as it faced rejection at $9.9. The currency is now just below the 23.60% fib level with a negative bias. 

NEO, at present, is looking for a strong rebound at $2.79. Support levels have taken place around $9.7 to $9.6, while key resistance remains above $10. 

The recovery of the loss of valuation of more than 6% has not even reached halfway here, which shows a clear presence of bears. The lowest price point for the last 24 hours stands at $9.63.

The technical indicators are operating on a very bearish note. The MACD chart is heading towards a bearish crossover while the NEO price is well below the 200-day EMA line.

FLETA and Neo Coin Makes a Strategic Collaboration

FLETA signs a partnership deal with Neo. Neo is a community-driven open-source platform. It makes use of blockchain technology to automate and digitize the management of assets with the use of smart contracts. With the use of a distributed network, it aims to develop a smart economy by building infrastructure for the next-gen internet. And build a foundation for blockchain adoption.

This partnership will enable FLETA to make use of Neo-VM to its mainnet. With Neo-VM, there is no need to issue a new smart contract for the additional process. This will enhance the updating process for smart contracts.

FLETA has been looking forward to improving FLETA’s network performance for the use of case developments. Through this collaboration with NEO, FLETA is working on enhancing its chain. If there is a consistent development of FLETA networks, both the organization can work on creating more use cases. This partnership with NEO will be helping FLETA to reach the market on a global level.

When Neo-VM is installed on FLETA Mainnet, FLETA and NEO will be developing various use cases together. The first one will be the Real World Data (RWD) based Clinical Research Data Registry Platform, which makes the use of Blockchain. FLETA has been working on the Onchain Clinical Trial Data Collecting Tool, which was a project initiated by the government in 2019. With the help of this partnership, FLETA aims to expand its projects outside the South Korean market.

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