NEO Price Struggles to Break the $150 Resistance

by 6:03:00 AM 0 reacties

Even though most cryptocurrency markets are showing signs of recovery, some altcoins still struggle a bit. Struggling is a term used rather loosely here, though, as a 1.65% dip compared to 24 hours is nothing these days. For the NEO price, the fight for dominance over $150 is still in full effect as we speak. It seems there are plenty of market makers who want to keep the NEO price below this threshold right now. A breakout is expected to occur shortly, by the look of things.

Before all cryptocurrency markets took a major dip earlier this week, the NEO price was on the verge of reaching $200 at some point. At its peak, the altcoin reached a value of $190.77 and solid momentum was in place to push the NEO price even further. Unfortunately, things went from bad to worse in quick succession, resulting in a massive price decline for NEO. All other cryptocurrency markets were affected by similar trends as well, but it seems those issues are a thing of the past, for now.

Just a few days ago, we saw the NEO price dip below $100 for the first time in weeks. Although the lowest value was still over $97, it is a near 50% retrace compared to the all-time high of $190.77. In most cases, altcoins would struggle severely to recover that lost ground anytime soon. That is not the case with NEO, though, as we are now looking at a NEO price of $148 once again. A strong bounce back, which coincides with all other markets showing a similar upswing right now.

It may take some effort until the NEO price finds solid support the $150 level, though. Despite multiple attempts to break this resistance, the price eventually tricks down again. This is not entirely surprising, as most of the markets are subject to careful manipulation every now and then. This "problem" has been present in cryptocurrency for quite some time now and things will not improve anytime soon either. For NEO holders, this is both good and bad news, depending on how you want to look at things.

With over $646m in 24-hour trading volume, NEO has quickly picked up where it left off prior to the cryptocurrency fire sale earlier this week. It is remarkable how most currencies simply continue their upward momentum even though the Bitcoin price fails to note any major gains these days. Even so, all of these altcoins heavily rely on the Bitcoin momentum and the NEO price is no exception to that rule. For now, things look good, even though there is a 1.65% value decline compared to 24 hours ago.

Surprisingly, Upbit is still the world's largest exchange in terms of NEO trading volume. With close to $212m in the past 24 hours, this exchange is clearly ahead of Binance and Bittrex. Once again, we see three of Binance's NEO markets in the top 5 ranked by volume, which is pretty intriguing. The first non-KRW fiat currency on the list is Bitfinex's NEO/USD pair, which brings in $53m. There are no other fiat currencies to be found in the entire top 40, but that has never hindered NEO's chance of success before.

For now, it is very difficult to guess what the future will hold for the NEO price. It seems the resistance at $150 is rather strong, but that may only be an illusion for all we know. Cryptocurrency markets remain highly unpredictable and interesting things will continue to happen every single day. Right now, no one should expect a new all-time high NEO price anytime soon. It will happen eventually, though, and it will probably be well before the summer of 2018 as well.