NEO Price Attempts to Stay Above $40 Despite Bitcoin’s new All-time High

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Things have been looking pretty good for holders of the NEO cryptocurrency. Despite a sharp dip late last night, the NEO price is still maintaining a sense of stability around the $40 mark. Last night’s dip created an excellent buying opportunity, to say the least. It is evident the NEO price will be affected by a fair amount of market resistance in the coming hours, though.

NEO PRICE RALLY ISN’T OVER YET

While things may have looked a bit bleak for the NEO price when last night’s dip occurred, the market has rebounded pretty well afterward. More specifically,  seeing the NEO price drop from $42 all the way to just under $37 in a matter of a few hours isn’t fun for anyone. The people who were waiting to buy in received the opportunity they were waiting for when that dip occurred, though.After all, the NEO price quickly bounced back to over $40 in the next 90 minutes.

All of this seems to indicate there’s a lot of solid NEO price momentum in place right now. While it remains unclear if this trend can be sustained for a few more days or weeks, there is some good money to be made at this point in time. Even though there is still a lot of volatility as far as the NEO price is concerned, daytraders are making solid money thanks to these fluctuations. Overall, NEO is losing ground in both USD and BTC value right now, though.

To put this latter aspect into perspective, the NEO price has lost 3.63% in USD value. That is nothing to be overly concerned about, yet the current Bitcoin price trend will make this gap even wider in the next few hours. The worrisome part is how NEO loses ground compared to Bitcoin directly, resulting in an 8.21% drop. Altcoins continue to struggle with their BTC relation whenever Bitcoin’s value goes up, that much is certain.

One thing working in favor of the NEO price momentum is the strong trading volume. Demand for this altcoin remains surprisingly high, as nearly $300m worth of NEO has changed hands over the past 24 hours. This volume is larger than some other top 10 cryptocurrencies, even though a lot of people are merely chasing the pump rigid now. Moreover, once people convert back to Bitcoin, this volume will only grow larger for the wrong reasons.

Bittrex remains the bastion fro NEO trading these days. They are the only exchange processing over $100m worth of volume. Unfortunately, this also means this single exchange is responsible for nearly 50$ of all NEO trades in the past 24 hours. Bitfinex and Bitfinex are also in the top three, but their trading volume is far more modest compared to Bittrex. An interesting scenario well worth keeping an eye on, although no one knows for sure how this will play out in the long run.

All things considered, NEO will be one of the altcoins facing some uphill battles in the coming hours. With the Bitcoin price reaching another new all-time high, altcoins will eventually start to bleed badly. This will have an effect on the NEO price as well, although it is difficult to predict how this will all play out. Cryptocurrency is attracting a lot of money right now, and Bitcoin isn’t the only currency to benefit from this momentum.

Source: Themerkle