Any positive cryptocurrency market momentum remains pretty difficult to come by. Even today, it seemed as if a positive trend would finally materialize, yet most of the top 20 currencies are in the red once again. The NEO price is one of the few exceptions in this regard, even though the going remains pretty tough for this altcoin.
NEO Price Gain is Being Crushed
As one would almost come to expect these days, there is little to no room for long-term passive cryptocurrency market momentum. Whereas it seemed things were off to a good start two hours ago, most of those gains have been eradicated every since Rest assured this is not the last of the bearish pressure either, as there is still a decent amount of volatility in the industry as of right now.
For the NEO price, 2018 has been absolutely terrible. Dropping from a value of $157 all the way to sub-$50 is not positive for any asset or cryptocurrency. As of right now, we are looking at a NEO price teetering on the $50 mark, although it seems evident this value will not be maintained for much longer. All markets are turning bearish again, and the NEO price will need to follow.
Even though the NEO price notes a solid 10.42% gain over Bitcoin, that won’t be enough to keep things going. As of right now, Bitcoin is getting hammered into the ground, and it will continue to drag all other cryptocurrencies with it in the process. A NEO price of $45 seems more realistic at this point, although that may not even be the bottom, for all we know.
The NEO trading volume is still pretty impressive, although it seems the sellers will take control of the market fairly soon. With $214.19m in 24-hour trading volume, NEO is one of the most liquid altcoin markets outside of the top five right now. It is evident this volume is mainly made up of buyers right now, but rest assured the profit takers will soon have their way with the NEO price.
It comes as no surprise to anyone Binance is the leading trading platform for NEO right now. Its BTC and USDT pairs, as well as the ETH pair, generated a total of 47.6% of all trades. Other notable exchanges in the top five are Bitfinex and Upbit, as both of these companies offer fiat currency gateway trading for this altcoin. It seems the KRW market generates over twice the volume of its USD counterpart, which is not entirely uncommon either.
How things will play out for the NEO price, is still up in the air. As of right now, it seems a dip below $50 will materialize a lot quicker than people would like. Unless NEO can continue to gain on Bitcoin over the next few hours, we may very well see a NEO price of $45 by the end of today. The search for positive market momentum continues, but so far, it’s not within sight.