This past week has been rather interesting for all major cryptocurrencies. Some altcoins gained value, whereas others struggled to remain stable. As far as the NEO price is concerned, things have certainly evolved in a positive direction. More specifically, the NEO price has successfully risen to over US$145. It is remarkable growth, although the big question is whether or not this momentum will remain in place.
NEO Price Surpasses $140 With Relative Ease
With the cryptocurrency markets still in a volatile period, it is pretty interesting to see how some altcoins are responding to this pressure. That’s especially true when it comes to NEO, as the currency is far more resilient than most people give it credit for. It is good to note that some currencies are not as dependent on Bitcoin as others are. NEO will still be affected by any sudden Bitcoin price changes, though, but it will take a lot of pressure to undo its recent gains.
To put this into perspective, the NEO price has risen from US$95 all the way to US$142 without too many problems. Seeing such a bullish trend for seven days straight is rather impressive, as very few altcoins will ever see such a string of success in this day and age. In fact, it seems the majority of altcoins are working to remain stable rather than go down with the sinking ship known as Bitcoin. The NEO price has successfully bucked this trend so far, although things can always change.
With the NEO price now above US$145, it will be interesting to see if US$150 becomes a new target. During the past 24 hours, the price has increased by 7.18% and 13.10% against USD and BTC respectively. That in itself is pretty bullish, and one shouldn’t expect things to only accelerate from here on out. The NEO price will need time to stabilize first and foremost. We may even see a small retracement in the coming hours, depending on how all markets evolve over that time period.
With US$496.58 million in 24-hour trading volume, NEO still isn’t generating the volume that most other top altcoins are capable of. It is highly unlikely this altcoin will surpass US$1 billion in 24-hour volume anytime soon, even though it is a very popular currency these days. Then again, NEO never needed a ten-digit trading volume to make spectacular gains.
Most of NEO’s recent trading volume has come courtesy of its Bitcoin pairs. Among exchanges, Binance clearly has the lead in this regard, with US$124.11 million in 24-hour volume. OKEx is in second place, although it is in a battle for position with Bittrex. The first fiat currency pair on the list of markets is Bitfinex’s USD market, which has brought in another US$43.67 million over the past 24 hours. Other than that, there is no major fiat currency gateway for NEO right now, and thus there is not much fresh capital entering the ecosystem that way.
It is unclear if the NEO price will remain above US$140 for long. Right now, most cryptocurrency markets are still subject to bearish sentiment, which indicates that all recent gains can be wiped out rather quickly. For now, there is enough momentum in place to keep the NEO train going for a few more hours, but things work in mysterious ways when it comes to cryptocurrency. Always remember to take profits when the opportunity arises. It is better to make a bit of money rather than lose money an hour later.