NEO Value Evaluation: NEO / USD Beneficial properties Again Floor Above $ 14.00 As Binance Brings NEO / USDT Futures To Market

  • NEO / USDT will be available for Binance Futures with x50 leverage.
  • NEO / USD remains tied to range as recovery is limited by SMA200 1 hour.

NEO / USD peaked at $ 16.72 on February 14, and hit its recent low of $ 13.41 on Sunday amid the global sell-off in the cryptocurrency market. At the time of writing, NEO / USD is changing hands at $ 14.16 which is a daily decline of over 8%. With the current market value of $ 1 billion and an average daily trading volume of $ 1.15 billion, NEO now ranks 18th in the global market rating for cryptocurrencies, largely in line with the latest figures.

NEO goes live on Binance Futures

According to Binance’s latest announcement, perpetual futures contracts on NEO / USD will go online today at 8:00 a.m. (UTC).

#Binance Futures starts @NEO_Blockchain $ NEO / USDT Perpetual Contract with up to 50 times leverage

Binance has been adding new coins to its marginal trading platform since the beginning of the year. While this is usually good news for an asset, the market responded little to the announcement due to the global bearish sentiment.

NEO / USD: The technical picture implies area-bound trading

From an intraday perspective, BTC / USD hit a double bottom at $ 13.70 and rebounded above $ 14.00. The next resistance is generated by SMA200 1 hour at $ 14.50. Once it’s out of the way, the uptrend is likely to gain ground when the next focus is on $ 15.00. This barrier is reinforced by SMA50 on the 1-hour and 4-hour charts and on the top row of the 1-hour Bollinger Band. It is followed by the next resistance at USD 15.30 (SMA100 1 hour and the midline of the 4 hour Bollinger Band).

On the flip side, a sustained move below $ 13.70, the double bottom on the 1 hour chart, could extend NEO / USD decline to $ 13.40 (SMA100 4 hours) and psychological $ 13.00. If this support is interrupted, the sell-off can resume towards $ 12.50 (SMA200 4 hours).

The RSI on intraday charts remains flat in a neutral position, which means the coin may remain tied to range for the next few sessions.

NEO / USD 1 hour chart

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