Neo (NEO) is down 6.2% this week to $5.47, significantly underperforming the broader crypto market, where Bitcoin (BTC) is up 2.5% to $84,243. The decline appears to be driven by fears surrounding the global tariff war set to begin on April 2, initiated by Donald Trump. On Monday, NEO plunged 16.6% to $4.85, marking its lowest level since March 13, 2020.
While all altcoins are under pressure, NEO is among the worst performers. The coin is currently holding at the critical $5.00 support level but has fallen out of its ascending channel. A breakdown below this level could trigger a rapid decline toward $2.50, posing significant downside risks.
