The past month has been rather interesting for holders of the NEO currency. With the NEO price rising from sub-$20 to just over US$36 in short order, a market correction was bound to occur sooner or later. It appears that the correction is finally finding a stable floor, as the NEO price seems to be hovering comfortably at the US$28 mark for the time being.
NEO Price Starts to Mount a Comeback
A lot of things have changed in the world of cryptocurrency over the past month. Both Bitcoin and altcoins have seen new growth, major corrections, and all-time highs all in the span of four weeks. NEO is no exception in this regard, as the popular altcoin made it onto the list of the top 10 cryptocurrencies ranked by market capitalization. However, the NEO price saw its own big correction after reaching US$36.78, which nearly pushed the value down to US$25 in short order.
After every healthy correction, we often see a rebound on the cryptocurrency charts. For Bitcoin, that rebound has pushed the value back to US$5,675 over the past few days. On the NEO front, however, things aren’t going as smoothly right now. Although it appears the NEO price has found a solid bottom around US$27 for the time being, there is still a long way to go until the US$30 target is reached.
So far, things are going quite well as far as the NEO price is concerned. With a 2.21% gain over the past 24 hours, the first step toward recovery has been taken. At the time of writing, the NEO price was hovering just above US$28, which is a pretty solid value for this particular altcoin right now. One has to keep in mind there are 50 million NEO in circulation, and no one should expect the NEO price to hit triple digits anytime soon.
The NEO trading volume is still rather robust, although it is not impressive when looking at most other altcoins in the top 10. Just over US$31.43 million worth of NEO has changed hands over the past 24 hours, which is on par with the trading volumes we have seen over the past few weeks. One has to keep in mind NEO was quite popular in China, but that avenue has been closed until the country’s government allows exchanges to properly trade again.
That being said, Binance is still a very popular exchange platform as far as NEO is concerned. It clearly leads the market with almost 38% of all trades. Bittrex and Bitfinex close out the top three, with 30.36% and 16.75% of all trading volume, respectively. Bitfinex’s NEO/USD pair is the only fiat currency market for NEO in the world right now, assuming one excludes USDT trading. It remains to be seen how the fact that Bitfinex will soon exit the US market will affect the altcoin.
For the time being, things are looking pretty positive for NEO, all things considered. There is still lots of room for growth, even though all cryptocurrency markets remain pretty volatile for the time being. It is unclear what the future will hold for the NEO price, as things can easily head in either direction as we speak. It is an interesting altcoin to keep an eye on, though; that much is certain.
