NEO price analysis: NEO/USD breaks above $120.00 as Indian crypto exchanges seek to please the regulator

  • NEO/USD moves towards 38.2% Fibonacci
  • Indian exchanges plan to create traders database 

NEO/USD  has made a great comeback as the coin broke above the key $120.00 level as traders welcomed the measured approach of global regulators.

There is another development in India, where the cryptocurrency exchanges are planning to build a database of crypto traders and their transactions. The initiative is supported by the Blockchain and Cryptocurrency Committee (BACC) of the Internet and Mobile Association of India (IAMAI) and comes amid the Indian government attempts to take the crypto industry under control.

This is the second country where the exchanges and crypto service providers take preemptive steps to gain acceptance by regulatory authorities. They choose self-regulation to prove that they are responsible and eager to cooperate with overseeing bodies. On Wednesday we wrote about CryptoUK, the crypto trade association in the UK.

Read more about CryptoUK here

Looking technically, NEO/USD is trading at $123.00, back above 21-DMA. NEO price broke above $120.00 resistance level, which capped the upside at least three times since the beginning of February. This is a bullish development; now the coin needs to $128.14, which is 38.2% Fibonacci retracement, and $130.00.

NEO/USD, daily chart

NEO/USD daily chart

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RELATED TOPICS
  • Regulation
  • NEO