All cryptocurrencies remain in the green for the time being. That in itself is rather remarkable, especially considering that the weekend is usually a period during which we see far more volatility. The NEO price is slowly approaching the US$150 mark once again, which indicates there is strong momentum in place. Whether or not this is the beginning of a major NEO boom remains to be determined.
NEO Price Surges a bit
It is refreshing to see all top 15 cryptocurrencies in the green on a Sunday afternoon. This doesn’t happen all that often, especially not since all markets took a massive hit in early January. We have to enjoy this positive momentum while it lasts, though, as things can turn around quickly. The NEO price is on a roll as we speak, as US$150 is within reach right now.
This uptrend comes on the heels of a big dip to below US$120 about a week ago. The NEO price subsequently broke the US$140 resistance, although there was a small dip to US$131 a few days ago. Since that dip was bought by investors, the price has been going up slowly but surely. Slow and steady wins the race, as we don’t need more pump-and-dump schemes in the world of cryptocurrency right now.
With this current NEO price momentum in place, things look rather promising. The current NEO price was reached thanks to a 7.06% increase against USD and a 4.99% increase against BTC over the past 24 hours. Altcoins will need to regain some lost ground against Bitcoin sooner or later, and it seems that is happening right now. All of these markets can and probably will look very different tomorrow evening, though. Cryptocurrency has never been more attractive to people looking to make their first investment; that much is evident.
Looking at the 24-hour trading volume, not much has changed for NEO over the past few days. There is still a rather low amount of volume, as US$231 million isn’t exactly spectacular. Then again, this has almost become the new normal for most altcoins. As long as buyers outpace sellers, the NEO price will continue to rise over the coming days.
Upbit is still the place to be when it comes to NEO trading. Its lead over CoinEgg is rather substantial, and Binance rounds out the top three markets. It is worth noting that Binance has three trading markets in the top 6, indicating there is a strong demand for this altcoin on that particular platform. Bitfinex has been demoted to fifth place, even though it is the only platform bringing in fresh capital that isn’t denominated in Korean won. Bitcoin holders are seemingly diversifying their holdings again, which is always a smart choice.
For the time being, it remains to be seen how long this positive cryptocurrency market momentum will last. This weekend has been a positive one for a change, but there is no reason to think things will remain this way for much longer. Right now, the NEO price is heading toward US$150, which will hopefully turn into a new support level. It is too early to make any accurate long-term predictions in this regard, though.