NEO Price Fights for Control Above $100

NEO Price Fights for Control Above $100

The year 2017 has been pretty kind to NEO, as well as most other altcoins in the top 25 by market cap. After rebranding from AntShares to NEO, people were somewhat concerned this change would not be perceived as positive. Most of these concerns were unfounded, though, as the NEO price kept climbing over time. Even the CNY-based trading ban by the PBoC last year didn’t derail the NEO price momentum all that much.

Especially the past two months have been pretty good for NEO holders. After the altcoin cemented a solid support platform at $25, the NEO price started inching higher and higher nearly every day. By late November, the price had already increased to almost $35, which further confirmed the slow and steady approach. Three weeks later, the NEO price surged to $80, although it was rejected quickly. Not entirely surprising, as people tend to take profits when things are finally falling into place.

Fast forward to today, and we are looking at a NEO price of $104.22. It is the third time in a week the NEO price surpasses the $100 level, although there’s always some strong resistance when it happens. This latest attempt appears to be going a bit smoother, even though the price has bounced between $109 and $98 on multiple occasions today as well. Solidifying such momentum for the long run is always difficult, especially since no one knows how the Bitcoin price will evolve.

With close to $350m in 24-hour trading volume, things are looking pretty good for NEO right now.Its volume is higher than some of its nearest competitors based on market cap. At the same time, the overall trading volume is higher compared to Q3 of 2017, even though some coins still struggle to break $250m on a daily basis. Higher lows in volume is always a positive sign for any cryptocurrency, and NEO will be no exception in this regard when it happens.

Binance and Bittrex are competing for the top spot in terms of trading volume for NEO. It is a bit worrisome to only see one fiat currency market in the entire top 20, even though most people will consider the USDT market to be fiat currency as well. Most people are converting between NEO and Bitcoin or Ethereum right now. That isn’t necessarily a bad trend, but it also shows the fresh capital isn’t entering through NEO directly these days. Again, this situation can always change at any given moment, for all we know.

In the end, things are looking up for the NEO price as we speak. With a solid push toward $100 and more, it will be interesting to see if the triple-digit value can be maintained for more than a few hours this time. There’s a very positive vibe going around in the world of cryptocurrency right now. A lot of big surprises will come to fruition before the year is over, that much is almost guaranteed.

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