|

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

NEO/USD, the hourly chart

Author

Tanya Abrosimova

Tanya Abrosimova

Independent Analyst

 

More from Tanya Abrosimova
Share:

Editor's Picks

Ripple tests recovery strength amid steady ETF inflows, growing retail interest

Ripple (XRP) continues to demonstrate notable resilience as the cryptocurrency market navigates the persistent war in the Middle East after the United States (US) and Israel attacked Iran on Saturday.

Bitcoin extends gains as ETF inflows persist despite broadening US-Iran war

Bitcoin hovers around $73,000 on Thursday, driven by the US Stock market recovery, boosting risk-on sentiment. Data shows analysts are mostly bullish on Bitcoin, citing renewed demand from institutional investors, on-chain holders, and the derivatives market.

Crypto Today: Bitcoin, Ethereum, XRP hold weekly gains despite US-Iran war

The cryptocurrency market is gaining strength on Thursday, building on Wednesday's upswing, which saw Bitcoin reach a weekly high above $74,000. Ethereum and Ripple are moderating their recent gains amid uncertainty stemming from the escalating war in the Middle East.

Pi Network eyes breakout rally as broader market recovers

Pi Network (PI) price extends gains above $0.1900 at press time on Thursday, following a 7% increase the previous day. The upcoming token unlock of more than 20 million PI tokens on Saturday looms over the short-term recovery. 

Bitcoin Price Annual Forecast: BTC holds long-term bullish structure heading into 2026

Bitcoin (BTC) is wrapping up 2025 as one of its most eventful years, defined by unprecedented institutional participation, major regulatory developments, and extreme price volatility.

Bitcoin: Another month of losses, and it’s been five

Bitcoin (BTC) price is stabilizing around $68,000 at the time of writing on Friday, but the Crypto King is poised to close February on a fragile footing, marking its fifth consecutive month of losses since October and a rare start to the year with back-to-back monthly corrections.