NEO price analysis: NEO/USD badly beaten as Binance woes put NEO under pressure
|- NEO is vulnerable to Binance issues, despite growing popularity among ICOs.
- The selling pressure is strong as long as the coin stays below $70.00.
NEO is among the worst performers of the crypto universe as the coin 6.5% lower from the start of the day. Regulatory issues related to Binance, the largest cryptocurrency exchange by trading volume, may have affected NEO, as over 31% of all NEO transactions are processed on this exchange.
Read more about Binance troubles.
NEO, known as "Chinese Ethereum," is gaining popularity among ICO projects. Even Venezuelan Petro is based on NEO blockchain.
"NEO has no forks, and this is important to us. Many of the industries we are looking to disrupt and displace are not interested in building on a platform that one day could have its developers split into two
Jon Kruzeniski from Orbis explains.
While this is beneficial to the coin in the long-run, its short-term movements are dominated by speculative sentiments of the cryptocurrency markets.
NEO price technical picture
On the intraday timeframe, NEO/USD touched the support level at $64.00; The coin needs to recover at least to $70.00 (100-SMA, hourly chart) to reduce immediate selling pressure. If the above-said support level is broken, NEO may test March 19 low at $62.00.
NEO/USD, the hourly chart
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