Contrary to what the overall cryptocurrency market sentiment seems to indicate, there is a lot of room left for altcoin profits right now. Various currencies have noted strong gains in the past 24 hours, including NEO. With the NEO price now returning to $131 after a tough period, it will be interesting to see how this week will unfold for this altcoin.
NEO Price Rises Rather Quickly
It is rather evident interesting things are happening in the world of cryptocurrency right now. Whereas Bitcoin and Ethereum are struggling to gain traction, altcoins are the talk of the town, for the time being. The NEO price is of great interest to lots of people right now, as it has surpassed $130 once again. This past month has been a rather wild ride for the NEO price, but it seems things may finally start heading in the right direction once again.
More specifically, the NEO price surpassed $150 not that long ago. Many people assumed this was the beginning of a major uptrend, but things worked out very differently. More specifically, the NEO price quickly started losing value and even dropped as low as $68.11 at one point. Every dip is a new buy opportunity in cryptocurrency, though, and it seems the NEO price is heading back to $150 unless a major market crash occurs yet again.
With this current uptrend in place, the big question is whether or not NEO can effectively hit $150 again. It seems rather logical to assume that is a possibility, although it may take a few days, if not weeks, to happen. All cryptocurrency markets are still pretty volatile as of right now, and it won’t take much to send the NEO price back to $120. It is impossible to tell how things will evolve in the future, but for now, the situation looks pretty good.
With just $192.14m in 24-hour trading volume, NEO hasn’t exactly impressed most altcoin speculators. However, we have seen this market thrive despite lower trading volume over the past few months, thus there’s no reason to think this will become a big issue all of a sudden. Most investors and speculators still don’t look past the top five of cryptocurrencies ranked by market cap, which could explain why NEO’s volume is always on the lower side.
For once, we see an altcoin where Binance is not the leading exchange in terms of trading volume. Although Binance still claims the second and third spot with its BTC and USDT pairs, Upbit is clearly in the lead as of right now. It is quite interesting to see how South Korea will respond to NEO, considering this appears to be a China-oriented project first and foremost. It is one of the aspects of the bigger picture to keep in mind at all times.
For the time being, the NEO price appears to be underway to hit $135 and perhaps even slightly more. It will partially depend on how the Bitcoin market evolves, as NEO is noting impressive gains in the NEO/BTC ratio as of right now. If this trend can be sustained, we will see some interesting things happen in the coming hours. Do remember to take profits whenever the opportunity arises, as all good things will come to an end eventually.