Chinese Altcoins Retrace from Daily Highs – Binaryx
“China as the world leader in the field of Blockchain technology” — this is how, in a nutshell, you can convey the comment of the President of China regarding his immediate plans for the development of the country. Such a message was widely reported in the media at the end of last week. It is worth noting that not all investors took this news positively. This situation has become a serious driving force for opening a series of rallies related to the cryptocurrency business.
Well, on the other hand, the president’s words have become quite an effective impetus for several large-scale Chinese blockchain projects. Such a conclusion can be drawn from the words of analysts, as they note a significant rise in tokens associated with these projects, for example, NEO.
NEO — a well-known blockchain project in China, was one of those altcoins that received a huge upward momentum. In support of these words, the fact is that he grew by almost 50% to a maximum of $13.00 before he started a downward trend and returned to his current price of $10.70.
Although the fact remains: even taking into account all the ambiguities with the continuation of the rally and the hype surrounding the president’s statement, NEO is still growing significantly from its weekly lows of $6.80.
Such an increased demand and trade volume is directly related to recent changes in China’s policy regarding Bitcoin technologies, at least, this is how a popular analyst in this field, Josh Rager, commented. He also did not ignore the fact that the volume of $ NEO has grown significantly over the past day, namely by more than $1 billion.
Such detail is still significant and important that NEO is the only major Chinese altcoin, as we mentioned earlier. In turn, Tron and Ontology both showed up in a significant bullish trend, which, by the way, shows some fluctuation for today.
Ontology is currently up 12% at the current price of $0.878, but well below the daily highs of $1.15. The throne also trades up 15% at the current price of $0.02, but it also fell from its daily highs. almost at 0.022 dollars.
And finally, it is worth noting that, despite the hype surrounding the future of Chinese blockchain technologies, the question of the long-termness of the president’s words remains open, because the option remains when the aforementioned altcoins will still show themselves in a downward trend.
Published at Wed, 30 Oct 2019 10:24:20 +0000
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