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TRON and NEO Win Poll on Chinese Public Chains

2 mins
Updated by Max Moeller
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Since the October 25 speech by the Chinese president, the country’s interest in blockchain technology and related projects has dramatically spiked. This has had positive spillover effects for several China-based cryptocurrencies — namely TRON (TRX), NEO (NEO) and Ontology (ONT), which have recorded increases between 20-70 percent.
The positive developments have continued today, as a local representative from the city of Guangzhou stated that they have received government funding worth $150 million — with the aim of advancing blockchain technology. As a result of this increasingly positive attitude towards blockchain, Twitter account @TRONLady_ made a poll asking users about the coin price of Chinese public chains and which they believe deserves to be ranked in the top spot. The overwhelming winner was TRON (TRX), getting 79 percent of the vote, followed by NEO with 16 percent. Let’s take a look at the price movement for both and decide which one has a better technical outlook.

TRON

The TRX price has been following a long-term descending support line that has been in place for roughly 18 months. Once it reached it on September, it initiated an upward move that is still ongoing. The movement began when the weekly RSI turned oversold for the first time and a bullish cross in the MACD followed shortly after. The closest resistance area is found near 300 satoshis. TRX Movement

NEO

The NEO price had been trading inside a descending wedge since December 2018. The price broke out in September 2019 and, after a period of accumulation, it initiated a very rapid upward move on October 25 — reaching a high of ₿0.001375. It is worth mentioning that this upward move transpired after a very long period of significant bullish divergence in the RSI — affirming the legitimacy of the breakout. NEO BreakoutAnother interesting development is the fact that the NEO price failed to reach a close above the previous resistance area at ₿0.0012 — which coincides with the 200-day moving average. A common movement afterward would be a retest to the breakdown levels — initiating a consolidation phase before the new bull market begins. NEO Future Movement
Disclaimer: This article is not trading advice and should not be construed as such. Always consult a trained financial professional before investing in cryptocurrencies, as the market is particularly volatile.
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In line with the Trust Project guidelines, this price analysis article is for informational purposes only and should not be considered financial or investment advice. BeInCrypto is committed to accurate, unbiased reporting, but market conditions are subject to change without notice. Always conduct your own research and consult with a professional before making any financial decisions. Please note that our Terms and ConditionsPrivacy Policy, and Disclaimers have been updated.

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Valdrin Tahiri
Valdrin discovered cryptocurrencies while he was getting his MSc in Financial Markets from the Barcelona School of Economics. Shortly after graduating, he began writing for several different cryptocurrency related websites as a freelancer before eventually taking on the role of BeInCrypto's Senior Analyst. (I do not have a discord and will not contact you first there. Beware of scammers)
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