NEO Market Update: NEO/USD skyrockets as China integrates NEO in Blockchain-based Service Network

  • NEO network will be integrated with the Chinese state-backed blockchain.
  • NEO/USD jumps by over 6% on a day-on-day basis amid positive news.

NEO is the 21st largest digital asset with the current market capitalization of $787 million and an average daily trading volume of $285 million. The coin is most actively traded on Binance and OKEx against USDT and BTC. At the time of writing, NEO/USD is changing hands at $11.42. The coin has gained over 6% in the recent 24 hours and stayed mostly unchanged since the start of the day. 

NEO integrated into Chinese Blockchain-based Service Network

China proceeds with its plan to become the global infrastructure provider for blockchain solutions. Starting from August 10, the developers of six private blockchains - Tezos, NEO, Nervos, EOS, IRISnet and Ethereum - will be able to build their apps and run nodes on the Chinese state-backed Blockchain-based Service Network (BSN). The country confirms its policy of aggressive expansion with emerging technologies, including 5G and Artificial Intelligence.

The public blockchains will benefit from BSN’s cheap services and interoperability corporate blockchains integrated with the ecosystem. Moreover, they will get access to financial data from China UnionPay.

We’ve taken a lot of thoughts about who would be the first public chains to be integrated. Besides Ethereum and EOS we have disclosed in April, we decided to include another international public chain Tezos, and two prominent China-originated projects NEO and Nervos, Yifan He, CEO of Beijing Red Date Technology, commented.   

NEO/USD: Technical picture

NEO/USD topped at $11.52, which is the highest level since June 11. While the coin has retreated to $11.40 by press time, it is still above the critical support area created by psychological $11.00 and $10.70 (50-hour and 200-hour SMA, the lower line of the 1-hour Bollinger Band). If it is broken, the sell-off may be extended to $10.00.

On the upside,  a sustainable move above Tuesday's high of $11.52 is needed for the upside to gain traction. The next resistance comes at $12.00 and $13.82, which is the highest level since June 2.

NEO/USD 1-hour chart

Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers.

Cryptos feed

Latest Crypto News

Latest Crypto News & Analysis

Editors’ Picks

BREAKING: Ethereum price hits new all-time high above $2,550

Ethereum price just had a breakout above the previous all-time high at $2,548 and faces no resistance ahead. The digital asset has been outperforming the market for the past two days and it's leading the other coins. The next most significant price target for ETH will be $3,000. 

More Ethereum News

Cardano could slip to a two-month low if key level cracks

Cardano has been trading somewhat sideways for the past two months and established a massive resistance trendline around $1.5. The digital asset could be on the brink of a significant leg down if bulls can’t hold key support level.

More Cardano News

Bitcoin hints at following ETH’s explosive rally, XRP indecisive

Bitcoin price seems to be coiling up for an upswing as it trades around a crucial support level. Ethereum, on the other hand, has already seen a massive run-up that might retest its local top. Unlike BTC or ETH, XRP shows signs of a drop from a technical perspective.

More Bitcoin News

Dogecoin loses momentum, but upswing could still evolve

Dogecoin price crashes 35% after the hyped “dogeday420” fails to gather steam. Despite losing its upswing momentum, the meme coin could still surge if it bounces off the immediate demand. On-chain metrics point to a grim outlook for DOGE.

More Dogecoin News


Bitcoin Weekly Forecast: Institutional wave of BTC adoption follows new all-time highs

Bitcoin price hitting a new all-time high and Coinbase’s direct listing are perhaps two of the most important developments surrounding the pioneer cryptocurrency over the past week.

Read the weekly forecast