The bearish pressure across all cryptocurrency markets is not relenting by any means. Although the first few days of this week seemed rather promising, things have not improved by any means. Instead, we see all currencies suffering from losses yet again, which is never a good sign heading into the weekend. The NEO price is dipping below $67 gain and could go a bit lower before the week is over.
NEO Price Dip is not Surprising
Even though most enthusiasts still experience good things to happen for all cryptocurrencies, things are not looking all that promising as of right now. Ever since 2018 came around, we have seen nothing but bearish market conditions for Bitcoin and all top altcoins. As such, the NEO price has seen its fair share of ups and downs throughout these past few weeks as well.
More specifically, we are now looking at a NEO price of $66.66. While this is the number of the devil and then some, it also shows the previous all-time high for NEO WA pretty exceptional. For the time being, we have to wait and see how things evolve in this regard. The current trend is anything but positive as of right now, yet it remains to be seen how low the NEO price can go in the coming days and weeks.
Earlier this week, the NEO price dipped a slow as $50. That in itself is rather worrisome, but the dip was bought quickly and the NEO price eventually had back to $80. So far, that uptrend has not been maintained in a meaningful way, as the value is now hovering at $66. If this trend continues, we may very well see NEO hit $60 or lower before the week is over.
With $157.39 million in 24-hour trading volume, NEO is on par with most altcoin markets as of right now. The overall cryptocurrency trading volume has dipped below $15bn once again, which is not a good sign considering how the weekend is almost upon us. As most people are well aware of, cryptocurrency markets tend to suffer from a lack of momentum during the weekend.
As of right now, Binance is still the largest exchange for NEO trading. More specifically, their USDT and BTC markets combine for over 47% of all NEO trades, indicating its dominance in the market a safe right now. Bitfinex completes the top three, followed by CoinEgg and Upbit. There are two fiat currency pairs in the top five, which is rather intriguing, Unfortunately, it is not stemming the bleeding as of right now.
For the time being, we will have to wait and see how things play out for the NEO price in general. as of right now, things are not looking that great, but things can always turn around in the world of cryptocurrency without any specific reason. Whether the NEO price will hit $60 or $70 later today, has yet to be determined at this point in time.