It seems all cryptocurrency markets may finally be catching a break. Although it is still too early to tell if that is effectively the case, we see a lot of green on CoinMarketCap all of a sudden. With the NEO price shooting up again, it seems to be a matter of time until this altcoin hits $60 once again.
The NEO Price is in the Green
Considering we have seen nothing but value declines in the cryptocurrency market for the past week or so, it is evident any small gain needs to be taken in stride. As of right now, we may very well see all markets recover for a bit, although the positive momentum may not last all that long. With the NEO price seemingly underway to hit $60 once again, things are looking up, for the time being.
Thanks to this 6.84% gain over the past 24 hours, the NEO price is regaining a small amount of its lost value. Although it has become evident these ups and downs tend to happen on a rather regular basis. While the current NEO price trend appears to be positive, it may look very different in a few hours from now. The market makes zero sense as of right now, and there is no stability.
It is also worth noting how the NEO price is going up thanks to small gains over Bitcoin. With the NEO/BTC ratio improving by 5.42% in the past 24 hours, the momentum appears to be in favor of the attacking. Even so, the Bitcoin price is going up as of right now, which may spell an interesting future for the NEO price. Whether or not this means there will be future NEO price gains to speak of, is a different matter altogether.
With $115m in 24-hour trading volume, things are looking pretty decent for NEO right now. While this volume is not exceedingly high, it’s also not terrible, given the overall market volume trend. Even so, it remains to be seen if NEO can effectively pick up the pace in the coming hours and days, although it does not appear that will be the case.
The way things look right now, Binance is the trading platform for NEO everyone should pay attention to. With both of its USDT and BTC pairs dominating all other exchanges, it is evident there is only one exchange where NEO is popular right now. Bitfinex completes the top three, and they also offer the only fiat currency pair for this particular altcoin as of right now
Whether or not the NEO price can effectively hit $60 and stay there for longer than two hours, is a difficult question to answer. As of right now, it seems unlikely the value will remain above $60 for one, as it mainly depends on how the Bitcoin price evolves in the near future. If another dip were to occur, things will go from bad to worse pretty quickly.