Categories: CryptoNews

NEO Price Flirts With $34 Despite Lackluster Volume

It appeared the NEO price was well positioned to set a new all-time high a few days ago, but things eventually retraced to a much lower level. Given the slightly negative and sideways pressure on the Bitcoin market, that isn’t entirely surprising whatsoever. As of right now, the NEO price has climbed back to around US$33.88, although setting that new all-time high will not be all that easy.

NEO Price Mounts Another Comeback

This past week has been pretty interesting for all cryptocurrencies. Particularly individuals looking to scalp profits by daytrading have had multiple opportunities to make some good money in short order. Moreover, especially where the NEO price is concerned, things have moved in some very odd directions overall. At first, the price was well below the US$30 mark, which made buying it an almost no-brainer for experienced cryptocurrency enthusiasts.

Not too long after, we saw a solid NEO price uptrend, elevating the price past US$37.50 on October 2. People who sold at that moment have made some solid profit, and they were met with another buying opportunity shortly thereafter. More specifically, the NEO price took a dip all the way down to US$32.50 and subsequently fell below US$30 again. It is highly likely this momentum was tied to the Bitcoin price chart, which saw its own ups and downs along the way as well.

All of which brings us to today, a time when we see the NEO price hitting US$33.88. That’s a more-than-solid value, considering there have been two dips below the US$30 mark in one week. At the same time, this price correction had to happen eventually, as the rise to US$37.50 was a steep one. Such a price increase cannot occur without a correction shortly thereafter; that much is certain.

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Whether or not we will see another all-time high in the coming weeks remains to be seen, though. No one can deny there have been some interesting valuation changes over the past week, although there is always room for future growth in this regard.  To reach the next level, NEO would seemingly need some additional trading volume, as things are a bit bleak in that regard.

That being said, the US$60.62 million in 24-hour NEO trading volume shouldn’t be overlooked by any means. This number is more than solid, as it ensures the NEO market cap remains well above the US$1.6 billion level. This amount may be surprising to a lot of people, considering NEO was a currency very few people paid attention to about two months ago. Things have certainly come a long way since that time.

With Bitfinex finally becoming the most-traded NEO exchange, the addition of this emerging altcoin is doing the platform some good. Although Bitfinex also leads the market in Bitcoin trading volume, it is always good to appeal to altcoin traders as well. Binance and Bittrex complete the top three NEO markets right now, although both of those exchanges represent a BTC/NEO market rather than one linked to fiat currency. It’s an interesting “power ranking” to keep an eye on for sure.

JP Buntinx

JP Buntinx is a FinTech and Bitcoin enthusiast living in Belgium. His passion for finance and technology made him one of the world's leading freelance Bitcoin writers, and he aims to achieve the same level of respect in the FinTech sector.

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