The past few days were not easy for cryptocurrency enthusiasts. Any small gain recorded in any market will quickly be pushed back down. This vicious cycle of small gains and steep losses has become rather problematic for most altcoins. Even the NEO price is struggling to find any stable ground whatsoever. Despite a surge to $150 not that long ago, we are now heading back to $115. A very unfortunate turn of events, but the volatility will only increase from here on out.
What Comes Next for the NEO Price?
It is pretty much impossible to find any common sense in the world of cryptocurrency right now. None of the markets are evolving in a rational manner whatsoever, and things are only getting worse. Although this type of volatility is expected this time of year, it’s still a sorrowful sight. Looking at the NEO price, it is evident a new all-time high is further away than ever before. The NEO price did not hold its own at $150 a few days ago, and may very well head back to double-digit territory this week.
To be more specific, the NEo price has fluctuated rather wildly over the past seven days. With the value going from $155 to $86 and back to $151 in the span of three days, it is evident some people make a good profit. Right now, the NEO price is struggling to find any solid support. Some people hoped for the NEO price to remain stable at $125, but that was nothing more than an idyllic dream. Right now, the value is struggling to stay above $115 due to the growing market volatility.
It is a bit unclear where the market will head next. Over the past 24 hours, we saw the NEO price lose 14.35% in USD value and 4.74% in BTC value. It seems as if NEO can hold its own against Bitcoin just fine, for now, but making any notable guns is out of the question. This applies to all other altcoins and digital assets, mind you, as all markets are suffering from Bitcoin’s volatility. This trend will most likely continue for a few more weeks, if not months.
With $299m in 24-hour trading volume, the demand to buy NEO has calmed down a bit as well. Even though this altcoin never notes any major trading volume, it seems the markets will continue to suffer from reduced trading activity in general. With so much negative pressure on the market, it seems fair to assume the majority of trades come from people looking to sell NEO first and foremost. At this rate, reaching a double-digit NEO price will happen a lot sooner than expected.
Upbit is the place to be for the majority of NEO trades right now. With $65m in 24-hour volume, the Korean platform is well ahead of Binance’s USDT and BTC markets. The first non-KRW fiat currency on the list is Bitfinex’s NEO/USD pair, which generates $28.41m in volume. Most traders are converting between NEO and Bitcoin right now, which is not entirely unexpected. As long as the Bitcoin price keeps taking uppercuts, there will be no relief for any of the altcoins whatsoever.
While the NEO price will seemingly remain above $100 for the remainder of the day, it is unclear if that situation will change in the future. More specifically, it is not unlikely Bitcoin will go below $10,000 this week. if that were to happen, it is plausible to assume NEO will drop well below $100 as well. January is never a fun month for cryptocurrency enthusiasts, and 2018 will be no different in this regard.