The once legendary altcoin lit the fuse: What's going on?

Neo (NEO), one of the stars of the 2021 bull season, exploded with the news flow and recorded a huge increase.

Neo (NEO), also known as China's Ethereum, exploded with the news effect. The Hong Kong-based subsidiary of Chinese asset manager Harvest Fund has filed with regulators to offer spot Bitcoin ETFs, while Southern Fund is investigating the application process, according to Chinese state media. NEO, which took flight with this development, became the top owner of the “Highest Rising Cryptocurrencies” list with an increase of 39.25 percent.

We once again saw the importance of the news effect in altcoins!

NEO, which has been in the accumulation phase for a very long time, recorded an increase of nearly 40 percent with the news from China. The popular coin, which is on a direct rise, has passed a critical threshold both technically and psychologically. NEO, which broke above $ 20, is currently changing hands at $ 21.25. If there are positive developments regarding crypto in China, BTC remains above $ 72,000 or BTC dominance decreases, levels of 21.86 - 25 and 29.70 dollars can be targeted for NEO, respectively.

As in the past, factors such as China's opposition to crypto, especially mining activities, the decline of BTC or the increase in BTC dominance will create selling pressure on NEO. In such a scenario, there may be withdrawals to 18.60 – 16.94 – 14.96 – 12.82 and 10.45 dollars respectively.

This article does not contain investment advice or recommendations. Every investment and trading move involves risk, and readers should do their own research when making decisions.