After a few rough days, it appears NEO is preparing to make a major comeback. We already saw a small uptrend earlier this week, but things are shifting into high gear. Over the past 24 hours, the NEO price has regained 32.8% of its value, indicating rather strong momentum in general. This is a very positive development for the currency plagued by China’s ICO woes.
NEO Price Targets $30 and Potentially More
The NEO currency has always been an interesting concept to keep an eye on. Its developers claimed their ecosystem to be the Ethereum of China, indicating there’s no lack of ambition whatsoever. Under the hood, NEO provides a similar functionality, including smart contracts and the option to issue additional tokens through the blockchain. It is unclear if the latter aspect will still play a big role, though, now that ICOs have been outlawed in China.
Speaking of which, the recent China ICO scare caused the NEO price to plummet quite a bit earlier this week. More specifically, the value dropped from US$33.81 on September 1st to US$19 on September 4th. Ever since that time, NEO has been trying to recover and show signs of positive price momentum. It appears this momentum is finally accumulating into a noticeable uptrend. For holders of this particular currency, that can only be seen as good news.
With a 32.8% NEO price increase over the past 24 hours, things are headed back in the right direction for supporters of this particular currency. Rest assured there will be a lot of happy people who have NEO in their portfolios right now. One could argue the recent price “crash” was a good way to introduce more people to this cryptocurrency at an affordable price. It is good to see NEO continue its momentum, as the ICO ban could have easily had a negative effect as well.
With a NEO price of US$28.73, things are looking a lot better than most people expected by now. The altcoin isn’t only regaining value in US dollars, though. Similar to Bitcoin Cash, NEO is gaining ground compared to Bitcoin. More specifically, NEO has gained 31.25% in value against BTC, even though Bitcoin is anything but cheaply priced right now. That is rather remarkable, although not entirely unexpected at this stage either.
Bittrex remains the biggest market for all NEO-related trading activity, as it processes 58.7% of all orders. Jubi, a lesser-known Chinese exchange, also shows strong trading volume in the CNY department. Despite the recent ICO ban, Chinese investors aren’t planning to give up on cryptocurrencies just yet, though. This means all markets will recover eventually and perhaps come out even stronger than before. Only time will tell what the coming weeks hold for Bitcoin, altcoins, and digital tokens.
All things considered, NEO is proving to be one resilient cryptocurrency, to say the least. With the recent price dip well behind us, the march to a new all-time high is seemingly underway. Do keep in mind the markets may still respond in a volatile manner to any gains and losses in the next few days or even weeks. The regulatory uncertainty in China can affect different currencies and tokens in unexpected manners; that much is evident. For now, the NEO price is showing there is plenty of room for upward momentum in all currencies.