NEO Price Analysis: NEO/USD bullish following Binance Futures support
- NEO’s bullish momentum stalls around $15 as sideways trading kicks off.
- NEO/USDT perpetual contract trading starts on Binance Futures.
NEO is in the green on Monday during the European trading session. The bullish momentum is taking action after a couple of days of the bulls enduring battering from the bears. The losses on Sunday and Monday tested the support at $13.00. However, an ascending trendline support came in handy and put a stop to the bearish pressure.
Advancement towards $20 appears to be losing momentum at $15. Besides, the $16 level is an immediate seller congestion zone that must come down for gains towards $20 to materialize.
The bulls remain relatively in charge at the time of writing. The RSI at 64, although in levels lower than those seen last week, shows that the bulls have the power to hold above the first support at $14.00. Besides, the bulls’ position and influence are reflected in the gap between the 50 SMA and the 200 SMA. Therefore, the price will remain in the hands of the bulls but further movement north will require a significant boost.
Binance Futures launches NEO perpetual contract
Binance Futures, the platform that offers future contracts trading for various cryptoassets has added support for NEE perpetual contract (NEO/USDT). Trading of the contract started on Monday and gives an opportunity for traders to access up to 50x leverage.
NEO/USD daily chart
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Author
John Isige
FXStreet
John Isige is a seasoned cryptocurrency journalist and markets analyst committed to delivering high-quality, actionable insights tailored to traders, investors, and crypto enthusiasts. He enjoys deep dives into emerging Web3 tren
