With most of the turmoil affecting Chinese exchanges behind us, the time has come to look forward once again. One of the altcoins a lot of people are keeping a close eye on is NEO. Given its recent all-time high, followed by an extreme correction, it is interesting to see what this coin will do next. Right now, the NEO price is hovering around US$19.75, even though it hit US$23 a few hours ago.
NEO Price Rebounds But Remains Volatile
For anyone who has NEO as part of their cryptocurrency portfolio, the past two and a half weeks have been rather eventful. Unfortunately, most of these price swings haven’t worked in favor of the holders, as NEO has seen so many “flipping” opportunities it is almost impossible to keep track of them all. Just today, the NEO price went from US$14.3 to nearly US$23 and is now heading downward again. It is one of the more volatile markets, even though the fluctuating Bitcoin price isn’t helping matters much either.
Despite this rollercoaster pattern, the NEO price is still up by 38.4% compared to 24 hours ago. That in itself is a pretty solid achievement, even though this market will remain subject to a lot of speculation and daytrading for some time to come. That doesn’t have to be a bad thing per se, as it shows there is still a lot of demand for NEO right now. Even though the currency will not be actively traded in China anymore, the “Ethereum of China” is still a viable project in its own right.
Unfortunately, the NEO price will remain volatile for some time to come. With just US$66.15 million in 24-hour volume, this market is a playground for whales and manipulators right now. Historically most of the currency’s trading volume has originated from China, but that pipeline is drying up pretty quickly as we speak. That doesn’t mean Chinese users won’t find other ways to obtain NEO, but for now, it is not its go-to market whatsoever.
In fact, Binance is the only Asian exchange making any sort of impact on NEO right now. That isn’t entirely surprising, as Binance isn’t based in China and faces some different regulatory requirements regarding cryptocurrency ICOs right now. However, it is still on the PBOC’s “watch list”, so to speak. It will be interesting to see how this situation unfolds over the next few weeks and how it affects the NEO price moving forward.
With Bittrex dominating the NEO trading volume, it is evident the currency will have to try and make an impact on that exchange. That is much easier said than done, even though NEO can be traded against Bitcoin, USD Tether, and Ethereum. Bitfinex, which recently enabled NEO trading, has so far struggled to provide much liquidity to this market. That situation may eventually change, but for now, things aren’t working out as planned by any stretch of the imagination.
All of this goes to show the volatility across cryptocurrency markets is anything but gone. Weekends are notorious for volatile trading behavior and it looks as if this weekend will be no different. The NEO price is trying to regain some momentum, but with a glaring lack of trading volume, it will be very difficult to maintain any positive or negative trend. Only time will tell how things will play out for this intriguing altcoin.