With all of those positive Bitcoin price momentum taking place as we speak, the cryptocurrency community is in for a very wild ride. No one knows how things will evolve in the coming hours and days. One currency suffering from rather substantial losses right now is NEO. Given the recent NEO price trend, a correction was bound to happen sooner or later. Pushing the value below $30 again is somewhat of a surprise, though.
NEO Price Struggles To Maintain $30
Everything that gains a lot of value must eventually come down before a new all-time high can even be considered. In the world of Bitcoin and cryptocurrency, that often means altcoins will go through some very volatile corrections sooner or later. Given the recent NEO price trend over this past week, it is not entirely surprising to see this altcoin taking a beating right now. While it is not fun to look at by any means, the price momentum is slowly pushing the NEO price below $30.
In fact, the NEO price is already below $30 right now, but there is still plenty of momentum to move it toward that target again. It is evident a lot of people are liquidating altcoin holdings in exchange for Bitcoin right now. Do keep in mind not all altcoins will lose USD value because of this trend, though, but they will lose a lot of ground compared to Bitcoin. That is exactly what is happening to NEO right now, sadly.
With the NEO price going up to almost $38 earlier this week, it is only normal we see some form of a retrace. It is perhaps lucky this retrace coincides with the current Bitcoin price movement. Otherwise, things could have gotten a lot more volatile for the NEO price, but right now, the losses are kept to a minimum. Although a setback of 3.56% is not something to ignore, it is not exactly the end of the world either.
The trading volume for NEO is slowly drying up as we speak, though, which is not a good sign by any means. Just under $40m worth of NEo has been exchanged over the past 24 hours, which means it is almost neglectable. If this trend keeps up, no one should expect any sort of NEO price recovery anytime soon. It is true NEO has always had far less trading volume compared to most other altcoins, but these numbers are looking pretty bleak, all things considered.
With Bittrex dominating the market right now, it is not hard to see why there is so much negative pressure on the NEO price. More specifically, the two top exchange markets by trading volume are Bittrex and Binance with their NEO/BTC pair. This further confirms people are dumping everything in favor of Bitcoin right now, instead of the other way around. It also explains why NEO lost 11.49% of its value compared to Bitcoin, although this number is likely to increase further in the coming hours.
Whether or not we will see the NEO price return to $30 or higher in the coming hours, is difficult to predict. Right now, that seems incredibly unlikely, although stranger things have happened in the world of cryptocurrency as well. Altcoins will eventually recover and start noting gains again. For now, we have to take the bad with the good and wait for a positive change in momentum. That process can take anywhere from a few hours to several months, though.