Cryptocurrency price momentum can always change in the blink of an eye. Although some of the top markets are still in the red, the NEO price is rising fairly quickly. Thanks to solid gains over the past 24 hours, the NEO price is well on track to hit $40 again later today. A positive development after the rough first half of 2018.
NEO Price Rise is More Than Welcome
Even though the year 2018 has been fairly terrible for all cryptocurrencies, the NEO price took a rather vicious beating in the process. After peaking at $159 per coin in early 2018, the value quickly plummeted in the months to come. Despite some initial resistance forming in March and May of 2018, the NEO price eventually hit a low of $29.8 just a few days ago.
That caused quite some concerns for NEO holders and speculators. Such a negative trend is always troublesome, even though everyone knows all too well NEO isn’t the only currency suffering from this momentum as of right now. Thankfully, it appears the NEO price is going through an uptrend, as another 5.48% value increase has been noted over the past 24 hours.
This NEO price increase coincides with the Bitcoin price running a bit out of steam. Even so, the world’s leading cryptocurrency is currently regaining those losses and should go in the green in the coming hours. Thanks to a 6.26% increase in the NEO/BTC ratio, the current NEO price trend isn’t held back by the lower Bitcoin value. Such events don’t happen all that often. As Bitcoin drags all currencies with it, for better or worse.
Similar to some other altcoins, NEO enjoys a slightly increased 24-hour trading volume at this time With $167.68m worth of NEO trades in the past day, it seems safe to say the demand to buy and sell this altcoin isn’t slowing down just yet. That doesn’t mean the market can’t turn bearish when people least expect it, but for now, that seems rather unlikely.
Most alternative cryptocurrencies tend to benefit from an increased trading volume thanks to Binance. NEO is no exception in this regard, as its USDT pair is in fourth place, whereas its BTC market takes up the fourth spot. Separating the two is Bitfinex’s USD pair and Upbit’s KRW offering. Bitforex adds another USDT pair to the top five, relegating OKEx to sixth and seventh place. Two fiat currency pairs in the top three seems rather bullish for NEO moving forward.
Whether or not this current NEO price trend can be sustained for much longer, remains to be determined. As is usually the case in the cryptocurrency industry, any positive trend is usually turned into a correction fairly soon. For the time being, it seems the NEO price will reach $40 with relative ease, especially if Bitcoin goes in the green once again. Today will prove to be a rather interesting day after all, by the look of things.