The past month has been rather interesting for holders of the NEO currency. With the NEO price rising from sub-$20 to just over $36 in quick succession, a market correction would occur sooner or later. It seems that the correction is finally finding a stable floor, as the NEO price seems to hover comfortably at the $28 mark for the time being.
NEO Price Starts to Mount a Comeback
A lot of things have changed in the world of cryptocurrency over the past month. Both Bitcoin and altcoins have seen new growth, major corrections, and all-time highs all in the same span of four weeks. NEO is no exception in this regard, as the popular altcoin made it into the top 10 of cryptocurrencies by market cap. However, the NEO price saw its own big correction after reaching $36.78, which nearly pushed the value down to $25 in quick succession.
After every healthy correction, we often see a rebound on the cryptocurrency charts. For Bitcoin that rebound as pushed the value back to $5.675 in the past few days. On the NEO price front, however, things aren’t going as smoothly right now. Although it appears the NEO price has found a solid bottom around $27 for the time being, there is still a long way to go until the $30 target is reached.
So far, things are going quite well as far as the NEO price is concerned. With a 2.21% gain over the past 24 hours, the first step toward recovery has been taken. At the time of writing, the NEO price was hovering just above $28, which is a pretty solid value for this particular altcoin right now. One has to keep in mind there is 50 million NEO in circulation, and no one should expect the NEO price to hit triple digits anytime soon.
The NEO trading volume is still rather robust, although it is not impressive when looking at most other altcoins in the top 10. Just over $31.43m worth of NEO has changed hands over the past 24 hours, which is on par with the trading volume we have seen over the past few weeks. One has to keep in mind NEO was quite popular in China, but that avenue has been closed until the local government allows exchanges to properly trade again.
That being said, Binance is still a very popular exchange platform as far as NEO is concerned. They clearly lead the market with almost 38% of all trades. Bittrex and Bitfinex close the top three, with 30.36% and 16.75% of all trading volume respectively. Bitfinex’s NEO/USD pair the only fiat currency market for NEO in the world right now, assuming one excludes USDT trading. Considering how Bitfinex will exit the US market soon, it remains to be seen how this will affect the altcoin.
For the time being, things are looking pretty positive for NEO, all things considered. There is still lots of room for growth, even though all cryptocurrency markets remain pretty volatile for the time being.It is unclear what the future will hold for the NEO price, as things can easily head in either direction as we speak. It is an interesting altcoin to keep an eye on, though, that much is certain.
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