With most cryptocurrencies going deep red today, there is hardly anything to be even remotely excited about. There is, however, one currency which is successfully bucking the trend once again. The NEO price is up by as much as 5.73% in USD terms and 12.11% relative to BTC. It’s an interesting turn of events, although it seems NEO is simply continuing its previously-established uptrend.
NEO Price Breaks the $30 Resistance
A few days ago, NEO was still looking for a stable price floor. Whether or not that floor is still intact at the US$27 level remains to be seen when the next retracement commences. For now, momentum is clearly in favor of the NEO price, as the value has surpassed US$30 again. This wouldn’t be remarkable were it not for the fact that all other top cryptocurrencies are down by at least five percent.
It is good to see the NEO price bucking this trend. Otherwise, its charts would still not even be worth looking at. This does not mean the NEO price will soar to US$40 anytime soon, mind you, as the cryptocurrency markets remain extremely volatile right now. Any gain or loss can be wiped out in an hour or less, and traders need to tread with caution. There is good money to be made if one selects the right coins, though.
To put this into perspective, the NEO price has risen from US$27.90 all the way to US$32.55 over the past 24 hours. Such a large gain was quickly followed by a brief correction, bringing the price back down to around US$29. Ever since that time, the uptrend has been a bit slower and steadier, bringing us to the price point of US$30.36 at the time of writing. It’s been a pretty decent ride for this altcoin; that much is certain.
NEO is also helped by an increased trading volume. Compared to the usual US$60 million we’ve been seeing, the past 24 hours have been pretty kind, to say the very least. With nearly US$93 million worth of NEO changing hands across the various trading platforms, the momentum clearly favors this currency right now. Do not be misled into thinking this will be an all-out pump, though, as reaching US$32 again may prove to be a bit difficult for the time being.
As things stand right now, Bittrex is the largest NEO market in terms of volume. The NEO/BTC trading pair is well ahead of Bitfinex’s NEO/USD and Binance’s NEO/BTC markets. All three exchanges combine for over 75% of all trading volume, which is pretty spectacular. Sometimes, one wonders why NEO isn’t added on more exchanges, even though the number of platforms currently listed on CoinMarketCap is more than respectable.
For now, there will be plenty of manipulation in the NEO trading markets. It is the only coin even remotely interesting to most traders, which means price fluctuations will be wild and frequent. The uptrend is still in place when looking at the bigger picture, but no one should expect any miracles to happen anytime soon. A NEO price of US$32 may very well be the maximum for today and even tomorrow.
