While most cryptocurrencies have gone into the red over the past few hours, NEO is the only currency noting encouraging gains. More specifically, the NEO price has increased by as much as 5% over the past 24 hours, pushing the value back toward US$40. This is an interesting turn of events for NEO, as things weren’t looking all that great earlier this week.
NEO Makes Another Run
Things have been somewhat quiet on the NEO front over the past week or so. That is somewhat surprising, considering that the price per NEO was very close to US$40 early last week. Unfortunately, this momentum was unsustainable, and the NEO price quickly headed down again toward the US$30 mark. At its lowest point, one NEO was valued at US$30.17, but this created another buy opportunity for most speculators.
Ever since hitting that low, the NEO price has mounted another comeback. With gradual gains to take into account, the price successfully reached US$35 again shortly thereafter. It is evident the momentum is there to push the NEO price over US$40 once again, but that will mainly depend on whether or not there is enough trading volume to keep the ball rolling.
With the NEO price fast approaching US$40 once again, it will be interesting to see if this trend reverses again. With a solid 5% gain against USD and a 7.91% gain against Bitcoin, things are looking very promising for this altcoin. At the same time, it is only a matter of time until the markets start to favor Bitcoin again, by the look of things. A lot can change for NEO and all other altcoins in the coming hours and days; that much is evident.
NEO’s 24-hour trading volume of just over US$92.4 million has helped the price move up. It is not the highest trading volume by any means, but it seems most cryptocurrency markets are relatively quiet right now. The year 2017 has been very bullish for all currencies, and the markets will eventually start trading sideways.
Most of the current NEO trading volume originates from Bittrex, which is well in front of both Bitfinex and Binance in this regard. It is worth noting that two out of the three top trading markets are linked to Bitcoin, whereas Bitfinex is the only place where new fiat money is coming into NEO. That is not necessarily something to worry about right now, but it’s worth taking into account.
Whether or not the NEO price can top US$40 for an extended period of time is anybody’s guess right now. It wouldn’t be the first time something like that happened, although the momentum has eventually turned against NEO every single time. A lot can change before the year is over, and no one knows what 2018 may bring for NEO and other currencies. An interesting four weeks are ahead for cryptocurrency as a whole; that much is certain.