The cryptocurrency market bear market has been hard on particular sectors and investors looking for a rebound should avoid projects which have tough competition. NEO (NEO) is a project that is looking to be a smart contracts provider. Synthetix (SNX) on the other hand, is a project that is targeting the decentralized finance sector, but it is also saturated. In this article, we highlight the outlook for those two, but also talk of Uwerx which some analysts think will see 6,000% gains.
NEO (NEO) Struggles in the Background
NEO (NEO) has fallen in the bearish market from $25 to the current price of around $12.00. The project has been around for a long time, founded in 2014, but is now lacking mainstream attention. NEO (NEO) is offering smart contracts which put it up against some big competition. It also offers oracles, where Chainlink is the big name.
NEO (NEO) was once around the top ten or twenty crypto coins, but it has now slipped to number 58. The project struggles with a lack of mainstream attention, and it is hard to see that change unless developers bring something revolutionary to the table. Investors should look elsewhere for projects that operate in a niche area without competition.
Synthetix (SNX) Suffers in DeFi Downturn
Synthetix (SNX) has seen its price drop from $7.00 to under $2.40 as the project suffered in the decentralized finance (DeFi) downturn. Once the world’s central banks started aggressively raising interest rates, the market for yields on risky crypto projects was rattled. As deposits left, we also saw the collapse of the Terra UST stablecoin and its LUNA project.
Crypto projects like Synthetix (SNX) need to see deposits return, but that will be hard when investor confidence is hurt after the collapse of FTX and other projects. A recent upgrade for Synthetix (SNX) was an upgrade to its governance model. The V3 changes applied to Sythetix (SNX) will effectively make it easier for the project to see changes approved with fewer votes after previous issues. Analysts believe Synthetix (SNX) could do well in the next bull run and see its price rise to the region of $3.
Uwerx (WERX) Presale Can Rally Further than SNX and NEO
Uwerx is a project on presale that can certainly outperform Neo (NEO) and Synthetix (SNX). Neo (NEO) is not seeing mainstream plaudits, while Synthetix (SNX) will have to wait for confidence to recover in the DeFi sector.
Both of these coins also operate with stiff competition. Uwerx will be targeting a niche area and will have a first-mover advantage as it seeks to bring freelance work to the blockchain. That is a fast-growing sector and the ledger can provide benefits for workers and employees.
Uwerx will also slash fees for freelance workers, and it will also highlight the potential for increased security for employers. Data can be stored on-chain, such as resumes and work examples. That will also see the potential for both parties to hold power over their intellectual property and data.
Uwerx has already passed its audit with InterFi Network and Solidproof. The team has also locked in liquidity for 25 years after the presale concludes. The team has also gone to the extent of renouncing contract ownership before listing on a centralized Exchange.
At its current price of just $0.005, Uwerx represents an amazing opportunity, and we believe this very well could be a future blue-chip cryptocurrency obtainable at an extremely good price, by getting in early.
Website: www.uwerx.network
Presale: invest.uwerx.network
Telegram: https://t.me/uwerx_network
Twitter: https://twitter.com/uwerx_network