NEO price analysis: NEO/USD aims at $114.00 as South Korea downplays the crypto trading ban fears

  • NEO/USD is up 5.5% on the day
  • South Korea doesn’t want to kill crypto trading

NEO/USD is moving higher today as cryptocurrency traders welcome the measured approach of the South Korean regulators.

To the relief of numerous Asian traders, the South Korean minister of the Office for Government Policy Coordination Hong Nam-ki explained that the authorities are not going to ban cryptocurrencies, focusing on making crypto trading transparent and safe instead.

The government was forced to clarify its position due to public upheaval over the Ministry of Justice proposal to shut the cryptocurrency exchanges. More than 200,000 Koreans signed a petition on the Blue House, the executive office of the South Korean head of state.

Regulators all over the world are trying to figure out how to deal with the cryptocurrency boom, with many of them, including Korea, choosing a measured approach. 

Looking technically, NEO/USD is back above the upside trendline visible on the hourly chart. While the short-term sentiment remains bullish, the upside has stalled at $114.00 resistance. Once it is cleared, NEO/USD will move towards the next target at  $117.50 (50-DMA). 

NEO/USD, hourly chart

NEO/USD hourly chart

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