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

Known as the Ethereum of China Neo (NEO) exploded with the news effect. According to Chinese state media, the Hong Kong-based subsidiary of Chinese asset manager Harvest Fund, spot Bitcoin ETF‘s application to regulatory bodies to offer them, while Southern Fund is investigating the application process. NEO, which took flight with this development, increased by 39.25 percent. “The Most Rising Cryptocurrencies” on the top of the list.

We have once again seen the importance of news impact 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 left behind a critical threshold in both technical and psychological terms. NEO, which is above $ 20, is currently changing hands at $ 21.25. In case of positive developments regarding crypto in China, BTC staying above $ 72,000 or BTC dominance declines, $ 21.86 – $ 25 and $ 29.70 levels can be targeted for the popular altcoin, respectively.

As in the past, factors such as China’s stance against crypto, especially mining activities, the decline of BTC or the increase in BTC dominance will create selling pressure on NEO. In such a scenario, retracements to $18.60 – $16.94 – $14.96 – $12.82 and $10.45 may occur respectively.

NEO, one of the most popular cryptocurrencies in China, will continue to give breezes from 2021 if it continues its upward movement. China’s crypto-related moves will have a direct say in the NEO price.