Most cryptocurrencies aren’t performing too well right now. That is nothing new during the weekend, as it is often a period with less exciting trading action in general. One of the few currencies noting any gains whatsoever is none other than NEO. It has been another somewhat rough week for this altcoin, but its price is showing some signs of life as we speak.
NEO Price Mounts Another Comeback
Most people always root for the underdog regardless of the setting. In the world of cryptocurrency, NEO is clearly one of those underdogs right now, as the currency has been struggling a bit as of late. The past week has seen some big gains and losses, while the battle for a stable NEO price floor is still in full effect as we speak. Finding that solid support won’t be easy by any means.
At the start of this week, the NEO price was hovering close to US$27. We then saw a climb to US$28.50 and ultimately even US$31.50. At that time, the Bitcoin price started flexing its muscle again, effectively pushing the NEO price down again. All altcoins have been suffering this week, and it seems that trend is anything but over as of right now.
Fast forward to the past 48 hours, and things have become a bit more volatile. More specifically, the NEO price continues to oscillate between US$28.50 and US$26.10, which means there is some good money to be made from flipping coins back and forth. Right now, we have a NEO price of US$28.47, although it remains to be seen if NEO can breach the US$30 resistance again and stay above it for an extended period of time.
Despite the price volatility, it does not appear the NEO trading volume has been affected in any negative manner. More specifically, the 24-hour volume is still within the US$35-50 million range, which is pretty solid for this particular altcoin. That number has been generally constant for several weeks now, although few people would mind seeing it go up. After all, low trading volume often leads to speculation and manipulation, which isn’t a good thing for most altcoins.
So far, Bittrex, Binance, and Bitfinex are the three largest exchanges ranked by NEO trading volume. It is interesting to see Binance on this list, as the Chinese exchange is bringing some serious competition to Bittrex. Then again, competition is only a good thing, as it makes the entire ecosystem healthier. It isn’t easy for most coins to be listed on either platform these days, yet NEO has been listed on both of them for quite some time now.
For the time being, things are looking pretty good for the NEO price. Whether or not things will change remains to be seen. There is upward potential, although we may see consolidation around the US$25 level as well. Thanks to an 11.22% gain against Bitcoin since yesterday, NEO is doing something most other altcoins are struggling with right now. If Bitcoin were to start moving up again, however, it is doubtful we’d see a NEO price increase.