NEO price analysis: NEO/USD gains 7% despite revealed non-deal with BitTorrent

  • NEO/USD has gained 17% on a weekly basis.
  • NEO company was going to buy BitTorrent, but the deal failed.

NEO, now 14th largest coin, is trading at $24.24 to press time, within the short-term upside trend. The coin has gained nearly 7% since this time yesterday and about 17% in seven days, recovering from the recent low of $14.26 reached on August 14.  NEO has a market value of $1.6B and an average trading daily volume of $95M.

Meanwhile, the cryptocurrency community discusses the tangly affair of Bittorrent Inc. According to the sources, NEO also known as the Chinese Ethereum was going to buy the company via its venture firm Neo Global Capital (NGC) for $170M, but BitTorrent management preferred to seal the deal with Justin Sun, the creator of TRON, who offered only $120M.

NEO's technical picture

On the intraday level, NEO/USD recovery is capped by $25.00 (August 4 high). The bulls need to clear this obstacle to continue the upside with the next aim at $30.00 and $32.37 (DMA100) On the downside, the short-term support is produced by $24.00 followed by $23.19 SMA50 (1-hour chart) and $21.19 ( SMA200 (1-hour).

NEO/USD, 1-hour chart


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