It appears the positive NEO price trend has not reversed course just yet. Instead, the value of NEO continues to increase every single day, producing another 11.08% increase over the past 24 hours. This is somewhat surprising considering the Bitcoin price has been going up at the same time. All of this goes to show there is still plenty of demand for NEO right now, and reaching US$30 is certainly possible given the current momentum.
NEO Price Surge Continues
In a way, it is good to see the NEO price recover by leaps and bounds over the past few days. Although many people aren’t too certain if this altcoin has anything special to offer, there is a growing demand for this currency on a global scale. After all, with another 11.08% price increase over the past 24 hours, things are looking pretty good for this particular coin right now. Maintaining the momentum seems to be pretty easy, although there have been a few dips along the way when traders take profits.
To put this into perspective, the NEO price has gone from US$16.80 on September 23 to its current value of US$28.89 in just a few days. At this pace, it is only a matter of time before the NEO price surpasses US$30 again. It is unclear whether or not that will happen, though, but things are looking rather promising right now. Even though the overall trading volume is still pretty low, NEO seems to be holding its own right now.
Speaking of trading volume, we have seen NEO generating anywhere from US$65 million to US$100 million in 24-hour volume. During the previous day, the volume hovered around US$75.5 million, which is pretty decent, all things considered. It is evident this currency will never see the trading volume of a Bitcoin or Ethereum, but that isn’t a necessity either. Some altcoins can survive with little trading volume and appreciate regardless. NEO is illustrating that point perfectly as we speak, although it remains to be seen how this situation will evolve in the future.
As one has come to expect, most of NEO’s trading volume originates from the Bittrex exchange. Binance and Bitfinex are not too far behind and relatively close to one another in terms of volume. The latter point is pretty intriguing, as it goes to show demand for NEO is still increasing in different parts of the world. Bittrex and Binance trade this currency against Bitcoin, whereas Bitfinex has a USD trading market.
We have now seen three consecutive days of price increases for NEO, but this trend cannot be sustained forever by any stretch of the imagination. With its value appreciating in both USD and BTC terms, things are looking very promising for NEO right now. If the trading volume remains around the same level for a few more days, we may very well see a NEO price of US$30 before the week is over.
All of this goes to show cryptocurrency markets are slowly recovering some of the value lost in recent weeks. The overall crypto market cap is moving back toward the US$137.5 billion mark as we speak, which is pretty interesting. Although we aren’t even close to surpassing US$150 billion once again, things are looking a lot better than they did just a few days ago. We will have to wait and see whether or not this trend can be sustained in the long run, though, as there is still a fair bit of volatility to contend with.