NEO price analysis: NEO/USD surges ahead of G20 summit

The FSB was moving away from the matter of regulating cryptocurrencies.

The upside momentum continued during Monday’s trading; upside gains capped below $70.

NEO is one of the coins that has had tremendous price gains in the last 24 hours. The currency is up by over 27% on Monday after a week of turmoil. The entire cryptocurrency market was in the red in the last week due to the pressure imposed by authorities across the world due to regulations.

The Financial Stability Board (FSB) which is G20 global watchdog said that it does not see cryptocurrency as a risk to financial stability. The chair of the watchdog, Mark Carney, through a letter to the Group of 20 central bank institutions as well as finance ministers, said that the FSB was moving away from the matter of regulating cryptocurrencies. A quote in the letter read:

“The FSB’s initial assessment is that crypto-assets do not pose risks to global financial stability at this time,”

NEO technical picture

NEO’s price recovery began after the G20 FSB decision was made public. The news was more or less the saving grace that the crypto market was anticipating. NEO/USD was trading amid pressure from the sellers; the cryptocurrency declined sharply to exchange hands at lows of $49. Ripple price bounced off this bottom lows, and the price started to recoil upwards. The upside momentum continued during Monday’s trading to record highs of $68.9.

The currency is experiencing resistance around the $70.00 level with the attempts to move above this level rendered unsuccessful. NEO/USD is forming a bullish trend near $68.00 level. If the price moves above the $70.00 level; NEO price could be heading towards the major resistance level at $75.00. Consequently, the immediate support for NEO is at $64. The next major support area is $50 and could stop further declines in case NEO encounters negative pressure.

NEO/USD intraday price chart