NEO Price Finds Support at $140 Thanks to Solid BTC Ratio Gains

This article was originally posted on The Merkel - with a dedicated cryptocurrency news section and also a variety of educational articles relating to Bitcoin, you can find anything from how to make money with bitcoin to how to create your own cryptocurrency. For more check the link below.

Things are looking up once again for most cryptocurrencies. Even though there is still a very long way to go, things are certainly moving in the right direction as of right now. The NEO price is a good example of how stability can be achieved in the next few days. More specifically, we now have a NEO price of $140, which represents a 10.45% increase over the past 24 hours. An interesting trend, although things are not as black and white as it may seem

NEO Price Starts to Regain Momentum

It is always interesting to see how things evolve in the world of cryptocurrency. Especially when it comes to different altcoins, the markets tend to respond in ways most people wouldn’t normally expect. It is evident there is a lot of money to be made in the cryptocurrency world, especially when you flip the right altcoins. With the NEO price heading back to above $140 soon,  the momentum is turning in favor of cryptocurrencies once again.  Whether or not things will improve from here on out, is anybody’s guess at this point.

More specifically, the NEO price has hovered near $140 all week. There was one major dip to $113.37 earlier this week, but it seemed that dip was bought up fairly quickly. People who bought NEO at that lower price have made a nice chunk of profit in 48 hours or less. This doesn’t mean now is necessarily the best NEO price to place more buy orders, but one never knows how things play out. After all, the altcoin reached a value of over $190 not that long ago.

With the NEO price seemingly stable around $140, it will be interesting to see how things evolve. This current 10.48% gain in USD value and 7.2% gain in BTC value over the past 24 hours is pretty significant. Especially for the people who buy altcoins as a way to increase their BTC holdings, NEO has proven to be a solid bet in recent weeks. If the NEo price can continue to go up in value, it seems the NEO/BTC ratio will continue to improve in favor of the altcoin.

Thanks to $525m in 24-hour trading volume, this current NEO price trend can be sustained for quite some time to come. Even though ENO has never been a highly-traded altcoin compared to some other markets, no one can deny it has a certain appeal. While it seems unlikely this currency will ever rival Ethereum in terms of technology and value, things may turn out very different compared to what people might expect. After all, it took Ethereum several years to hit a four-digit value, and NEO is certainly capable of doing the same.

With most of the NEO trading volume still coming from Upbit, we can confirm South Koreans have shown a growing interest in this particular altcoin. Binance is also a popular exchange to trade NEO, as their BTC and USDT markets both generate over $55m in trading volume in the past 24 hours. The first USD market is Bitfinex’ market with $43.6m in volume. With the Bitcoin price still somewhat stuck in sideways momentum right now, it is only normal people will look toward altcoins in the near future.

It is unclear what the future will hold for the NEO price as of right now. While the current gains cannot be dismissed whatsoever, there is no reason to think this trend will remain in place for the coming days. All cryptocurrency markets are still extremely volatile as of right now, and the momentum can easily swing in favor of the bears once again. If this trend keeps up, the NEO price will hit $150 in the near future, it could easily head to $125 again for all we know.

To read more from The Merkel follow this link.

Be the first to comment

Leave a Reply

Your email address will not be published.