Neo is Seen Down Despite a Relief in the Crypto Market
Neo prices are up by 3.5% to $7.50 per coin since the beginning of the week. This rise came after positive developments on the crypto market. Investors believe that the cooling of the U.S. labour market would push the Federal Reserve to halt its interest rates on the current levels. These considerations pushed stocks’ prices up too.
However, Neo prices earlier have broken through the support at $7.50 per coin. Thus, a recent spike could be a retest of this support before they continue down. The next support level is located at $5.00, the lows of March 2020.
Investors believe that the decision of the District of Columbia Court of Appeals in Washington that said the U.S. securities regulator was wrong to reject an application from Grayscale Investments to create a spot bitcoin exchange-traded fund could help Neo prices to recover. But this is unlikely to happen. The approval of the first spot Bitcoin-ETF in Europe led to a massive altcoin sell-off in the mid-August amid fears the share of Bitcoin in the crypto market will increase dramatically.
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