It appeared the NEO price was well underway to set a new all-time high a few days ago, but things eventually retraced to a much lower level. Given the slightly negative and sideways pressure on the Bitcoin market, that isn’t entirely surprising whatsoever. As of right now, the NEO price has climbed back to around $33.88 all of a sudden, although setting that new all-time high will not be all that easy.
NEO PRICE MOUNTS ANOTHER COMEBACK
This past week has been pretty interesting for all cryptocurrencies. Especially the individuals looking to scalp profits by daytrading have had multiple options to make some good money in quick succession. More specifically, especially where the NEO price is concerned, things have moved in some very odd directions overall. At first, the price was well below the $30 mark, which made buying it an almost no-brainer for experienced cryptocurrency enthusiasts.
Not too long after, we saw a solid NEO price uptrend, elevating the price to just over $37.50 by October 2nd and 3rd. People who sold at that moment have made some solid profit, and they were met with another buying opportunity shortly after. More specifically, the NEO price took a dip all the way down to $32.5 and later on even below $30 again. It is highly likely this momentum was tied to the Bitcoin price chart, which saw its own ups and downs along the way as well.
Which brings us to today, a time at which we see the NEO price hitting $33.88. A more than solid value, considering there have been two dips to below the $30 mark in one week. At the same time, this price correction would happen eventually, as the rise to $37.5 was pretty steep in general. Such a price increase cannot occur without going through a correction shortly afterward, that much is certain.
Whether or not we will see a NEO price all-time high again in the coming weeks, remains to be seen, though. No one can deny there have been some interesting valuation changes over the past week, although there is always room for future growth in this regard. To achieve the next level, NEO would need some additional trading volume by the look of things, as things are a bit bleak in that regard.
That being said, the $60.62m in 24-hour NEO trading volume shouldn’t be overlooked by any means. This number is more than solid, as it ensures the NEO market cap remains well above the $1.6bn level. This amount may be surprising to a lot of people, considering NEO was a currency very few people paid attention to about two months ago. Things have certainly come a very long way ever since that time.
With Bitfinex finally becoming the largest NEO exchange ranked by volume, the addition of this emerging altcoin is doing the company some good. Although Bitfinex also leads the market in Bitcoin trading volume, it is always good to appeal to altcoin users as well. Binance and Bittrex complete the top three for NEO right now, although both of those exchanges represent a BTC/NEO market rather than one linked to fiat currency. An interesting “power ranking” to keep an eye on, that much is certain.