The current cryptocurrency market situation does not look all that great. Virtually all of the top currencies have lost a lot of value, even though Bitcoin’s value is still relatively stable. For NEO price speculators, on the other hand, the current momentum is not looking all that great.
NEO Price Drops Significantly
Considering how the Bitcoin price has only lost 1.3%, one wouldn’t necessarily expect any altcoin to suffer from steep declines. As is the case in the cryptocurrency world virtually every single day, the reality is completely different in this regard. The NEO price is an excellent example of how things can deteriorate fairly quickly when the Bitcoin price starts losing a bit of value for no apparent reason.
Over these past 24 hours, the NEO price has suffered a 9.73% decline. That is a rather steep setback, although it remains to be seen how long this momentum will remain in place. Considering how the cryptocurrency markets are trying to recover from this current setback, the NEO price may face a lot of challenges in the coming hours and days. It will largely depend on how the Bitcoin value evolves later today.
Speaking of Bitcoin, the NEO price is facing its current decline because of growing setback in the NEO/BC ratio. An 8.17% setback, combined with Bitcoin’s USD decline, effectively pushes the NEO price down to $34.93. Whether or not that is effectively the bottom, is a different matter altogether. If this current downtrend keeps up, it is not unlikely the NEO price will drop below $34 and potentially even lower in the coming days.
With the overall cryptocurrency trading volume picking up again, things are not looking all that bad for NEO in this department. Thanks to $221.309m in 24-hour trades, it seems there is plenty of liquidity in the market today. Unfortunately for NEO price speculators, it is evident the market is primarily controlled by sellers rather than buyers. It may take a while until this situation turns around again.
BitForex is leading the charge in terms of NEO trading volume. It generates over 51% of all trades, which seems to indicate the current trading volume is heavily inflated. Binance’s USDT and BTC pairs complete the top three for a combined 19.46% of all volume. Bitfinex’s USD market and OKEx’s USDT pair are in the top five as well. A very interesting mix of pairs and exchanges, although the lack of outspoken fiat currency support can be a problem.
Considering how the current cryptocurrency market conditions are not looking all that great, it seems unlikely the NEO price will face a recovery process later today. Although everything is possible in this industry, it seems the NEO price will remain below $35 for the time being. An unfortunate turn of events after a strong weekend, but this correction was to be expected.