NEO Price Analysis: NEO/USD regains ground above $14.00 as Binance launches NEO/USDT futures

  • NEO/USDT will become available on Binance Futures with x50 leverage.
  • NEO/USD stays range-bound as recovery is capped by SMA200 1-hour.

NEO/USD topped at $16.72 on February 14 and hit the recent low of $13.41 on Sunday amid global sell-off on the cryptocurrency market. At the time of writing, NEO/USD is changing hands at $14.16, down over 8% on a day-to-day basis. NEO now takes the 18th place in the global cryptocurrency market rating with the current market value of $1 billion and an average daily trading volume of $1.15 billion, which is mostly in line with the recent figures.

NEO goes live on Binance Futures

According to the recent announcement made by Binance, perpetual futures contracts on NEO/USD goes live today, at 08:00 AM (UTC).

#Binance Futures Will Launch @NEO_Blockchain $NEO/USDT Perpetual Contract With Up to 50x Leverage

Binance has been adding new coins to its marginal trading platform since the beginning of the year. While this is typically good news for as asset, the market showed little reaction to the announcement due to global bearish sentiments.

NEO/USD: Technical picture implies range-bound trading

From the intraday point of view, BTC/USD created a double bottom at $13.70 and managed to recover above $14.00. The next resistance is created by SMA200 1-hour at $14.50. Once it is out of the way, the upside is likely to gain traction with the next focus on $15.00. This barrier is reinforced by SMA50 on 1-hour and 4-hour charts and the upper line of 1-hour Bollinger Band. It is closely followed by the next resistance at $15.30 (SMA100 1-hour and the middle line of 4-hour Bollinger Band).

On the downside, a sustainable move below $13.70, the double bottom spotted on 1-hour chart, NEO/USD may extend the decline towards $13.40 (SMA100 4-hour) and psychological $13.00. If this support is broken, the sell-off may continue towards $12.50 (SMA200 4-hour).

The RSI on intraday charts stays flat in a neutral position, which means that the coin may stay range-bound in the nearest sessions.

NEO/USD 1-hour chart

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