With all cryptocurrencies seemingly undergoing a recovery process, one would expect to see great things happening across the board. That is not always the case, mind you, as NEO is currently suffering heavy losses. Even though the NEO price is still hovering around US$29 right now, it represents a net 7.1% loss from 24 hours ago. Reaching a new all-time high will have to wait at least another day, by the looks of things.
NEO Price Starts to Slip Again
Truth be told, it was only a matter of time before the NEO price faced some sort of setback along the way. The past few days have been filled with price gains, although such positive momentum cannot continue indefinitely without some form of correction along the way. In the case of the NEO price, this correction is seemingly taking place right now, resulting in a price dip back below US$30. This doesn’t mean the trend is permanent by any means, though.
Over the past 24 hours, things have been pretty rough for the NEO trading community. While the upward trend pushed the price to US$34 a few hours ago, things have since changed for the worse. Losing US$5 of value in mere hours is not a good sign, and it doesn’t appear as if a new stable floor has been reached whatsoever. There is still some upward momentum capable of pushing the price back up to US$31, but for now, sellers have taken control of the market.
Anyone who has dealt with cryptocurrencies for some time now will know all too well how profit-taking is a part of the game. Every strong value increase will always be followed by initial resistance as speculators take profits and look to buy back in at lower prices. To do so, they need to spook the markets by liquidating assets. The NEO price is still subject to a lot of speculation and manipulation, mainly due to its rather low trading volume.
Speaking of the trading volume, things have started to pick up for NEO in this regard. With a trading volume of nearly US$150 million, things are looking a lot more solid compared to yesterday and the day before. While this is still pretty low compared to most other top cryptocurrencies, things have been evolving in the right direction, by the looks of things. Whether or not NEO can maintain this momentum is a big question for the time being, though.
No one will be surprised to learn Bittrex still controls over 55% of all NEO trades through their BTC and USDT pairs. Bitfinex and Binance are also doing their part, which is pretty interesting. It is good to see such a growing demand for NEO in terms of USD trading, considering it is the only fiat currency for the NEO market in the top 3 right now. A lot of community members had high hopes for the Bitfinex listing, and it seems as if this change is now paying off.
It is unclear what all this means for the future of the NEO price, though. More specifically, the recent uptrend and downtrend mean the market is trying to find a stable price, yet no one knows if that will be above, below, or right on the US$30 mark. It is evident this battle will go on for quite some time to come, as big things are yet to come for NEO, regardless of how things play out in the coming weeks. A US$30 price per NEO is more than fair given what the currency currently has to offer.