It almost feels as if the NEO price is trying to set a new high every single day. Whenever a cryptocurrency rises substantially in value over the course of a few days, it will eventually come down again. For NEO, that has not happened just yet, even though it may only be a matter of time. Right now, the NEO price is US$37.19, which represents another 12.64% increase over the past 24 hours. Whether or not we will see US$50 soon remains to be seen, though.
NEO Price Tries to Reach $40
Seeing NEO continue its positive price trend for nearly a full week now is rather impressive. Although it was only a matter of time before major cryptocurrencies regained most of their lost value, such a strong trend was not necessarily expected right away. While it is true NEO is quite popular among speculators right now, it remains to be seen whether or not this particular altcoin will have any long-term purpose. Some good work is being done behind the scenes, though.
Over the past few days, we have seen the NEO price rise from just under US$20 to US$39 in short order. Such major growth is rather unprecedented in the world of cryptocurrency, even though it remains to be seen if this is anything more than a pump-and-dump scheme. Only time will tell what the future holds in this regard, though, but for now, NEO’s price movements have not gone by unnoticed.
A lot of people are looking to recover some of their losses suffered over the past few weeks, and NEO gives them the opportunity to do so. Considering that NEO still has a rather low trading volume, this price trend is all the more impressive right now. With US$102.8 million in 24-hour volume, the demand for NEO is certainly there, but not necessarily on the same level as with Bitcoin or any other major cryptocurrency in the world today. Then again, no one can deny the current NEO price trend either, as things have evolved in an interesting direction.
Speaking of the NEO trading volume, much of its volume still originates from the Bittrex exchange. This particular exchange is responsible for about 50% of all NEO trades across various markets, which has proven to be a regular trend. Bitfinex and Binance are still close together in terms of trading volume, which indicates a growing demand for NEO in the USD market right now. Most people are still trading Bitcoin to and from NEO, though, which won’t surprise too many people either.
For the time being, it is impossible to make an accurate NEO price prediction. It seems many logical people expect the NEO price to hit US$40 and even US$50 in short order. However, we have seen some major gains over the past week already and ensuring this trend continues will not necessarily be easy. Even though the trading volume seems to have kept up, it will be interesting to see how the NEO price responds if the Bitcoin price were to go down again in the future. In most cases, altcoins lose a lot of value when this happens.
All things considered, investing in NEO is still an option well worth exploring right now. Even though there may be a limit as to how much profit can be made quickly in the coming days, things are looking rather positive for NEO overall. With the trading volume still in place as we speak, it will be interesting to see if and when the NEO price reaches US$40. Any market with little trading volume will always be subject to manipulation and speculation, which always needs to be taken into account.