Share this article
Neo ICO Token Wins Traders as China Worries Fade
A popular ICO token launched in China is showing signs of recovery, weeks after the country took moves to limit similar domestic activities.
Updated Sep 13, 2021, 6:57 a.m. Published Sep 25, 2017, 5:01 p.m.
The neo-US dollar (NEO/USD) exchange rate is showing signs of renewed life today.
As a China-based project, neo (formerly antshares) perhaps bore most of the brunt of the decision by the country's regulators to ban initial coin offerings (ICOs), falling nearly 40% over the day's trading on September 4. However, neo appears to now be recovering, posting a strong 10% gain today amid a dull market.
STORY CONTINUES BELOW
Don't miss another story.Subscribe to the Crypto Daybook Americas Newsletter today. See all newsletters
A general purpose blockchain designed to run smart contracts, and available in languages C#, Java and Go, the neo token topped out at $58.50 in mid-August and fell to a low of $13 on September 15. The ensuing recovery in cryptocurrencies has helped neo, issued in a 2016 ICO, regain poise.
Week-on-week, neo is up 21%, and though lightyears from its record highs, this marks a notable improvement on its 36% decline over the last 30 days.
That said, volumes remain low and below the 30-day average. As such, the positive momentum seen today needs to be maintained as price rise would boost confidence among investors about neo's long-term viability. A sustained rise could end up being a self-feeding cycle.
Price action analysis says the rally seen today could be extended to $30 levels in the short-term.
Bullish falling channel breakout
Daily chart
A falling channel or a descending channel is the price action contained between two downward sloping parallel lines. An upside break is usually a confirmation of bearish-to-bullish trend change.
In neo's case, an upside break of the falling channel looks like a done deal.
The 14-day relative strength index [RSI] is nicely curled up in favor of the bulls.
The chart above also shows a nice higher lows formation along the 100-day moving average
View
- Neo looks set to test the 50-day moving average level of $30. A break higher would open doors for $45.
- On the downside, only an end of the day close below the 100-day moving average would abort the bullish view.
Ancient coins via Shutterstock
More For You
What to know:
- As of October 2025, GoPlus has generated $4.7M in total revenue across its product lines. The GoPlus App is the primary revenue driver, contributing $2.5M (approx. 53%), followed by the SafeToken Protocol at $1.7M.
- GoPlus Intelligence's Token Security API averaged 717 million monthly calls year-to-date in 2025 , with a peak of nearly 1 billion calls in February 2025. Total blockchain-level requests, including transaction simulations, averaged an additional 350 million per month.
- Since its January 2025 launch , the $GPS token has registered over $5B in total spot volume and $10B in derivatives volume in 2025. Monthly spot volume peaked in March 2025 at over $1.1B , while derivatives volume peaked the same month at over $4B.
More For You
Proposed ‘AfterDark’ Bitcoin ETF Would Skip U.S. Trading Hours
The fund would hold bitcoin only overnight, betting on data showing bitcon gains mostly occur outside regular market hours.
What to know:
- Nicholas Financial has filed with the SEC to launch a bitcoin ETF that holds BTC only during overnight hours.
- The “AfterDark” ETF buys bitcoin after U.S. stocks close for the day and then sells bitcoin and shifts into Treasuries during the American session.
- Data shows bitcoin tending to perform better when traditional U.S. markets are closed.
Top Stories
