Even though most cryptocurrency markets are showing signs of recovery, some altcoins are still struggling a bit. “Struggling” is a term used rather loosely here, though, as a 1.65% dip compared to 24 hours ago is nothing these days. For the NEO price, the fight for dominance over US$150 is still ongoing. It seems there are plenty of market makers who wish to keep the NEO price below this threshold right now. A breakout may occur shortly, by the look of things.
NEO Price Eyes $200 All-time High
Before all cryptocurrency markets took a major dip earlier this week, the NEO price was on the verge of reaching US$200. At its peak, the altcoin held a value of US$190.77 and solid momentum was in place to push the NEO price up even further. Unfortunately, a massive decline transpired. All other cryptocurrency markets were affected as well, but it seems that is a thing of the past, for now.
Just a few days ago, we saw the NEO price dip below US$100 for the first time in weeks, representing a near 50% retracement from the all-time high of US$190.77. In most cases, altcoins would struggle mightily to recover that lost ground. That has not been the case with NEO, though, as we are now looking at a NEO price of US$148. That’s a strong bounce, and it coincides with the upswing in all other markets right now.
It may take some effort for the NEO price to find solid support at the US$150 level, though. Despite multiple attempts to break this resistance, the price has eventually ticked down again. This is not entirely surprising, as most markets are subject to careful manipulation every now and then. This problem has been present in cryptocurrency for quite some time now, and things will not improve anytime soon. For NEO holders, this is both good and bad news, depending on how you want to look at things.
With over US$646 million in 24-hour trading volume, NEO has quickly picked up where it left off prior to the cryptocurrency fire sale earlier this week. It is remarkable how most currencies have continued their upward momentum even though the Bitcoin price fails to note any major gains these days. Even so, altcoins rely heavily on the Bitcoin momentum, and NEO is no exception to the rule. For now, things look good, even though its price declined by 1.65% over the past 24 hours.
Surprisingly, Upbit is still the world’s largest exchange in terms of NEO trading volume. With close to US$212 million in trades during the past 24 hours, this exchange is clearly ahead of Binance and Bittrex in this regard. Once again, we see three of Binance’s NEO markets present among the top 5 ranked by volume, which is pretty intriguing. The first non-KRW fiat currency market on the list is Bitfinex’s NEO/USD pair, which brought in US$53 million over the past 24 hours. There are no other fiat currency-related markets to be found among the entire top 40, but that has never hindered NEO’s chance of success before.
For now, it is very difficult to guess what the future holds for the NEO price. It seems the resistance at US$150 is rather strong, but that may only be an illusion. Cryptocurrency markets remain highly unpredictable, and interesting things will continue to happen every single day. Right now, no one should expect a new all-time high NEO price anytime soon. It will happen eventually, though, and it will probably be well before summertime.
