A lot of cryptocurrency speculators are still keeping a close eye on the NEO price charts. That is only to be expected, as this particular currency has seen multiple ups and downs of late. Over the past two weeks, the NEO price has more than doubled once again. It’s an interesting trend, especially considering there is more room for growth on the charts.
NEO Price Gains Ground Above $30
Looking back on the past seven days, it is not hard to see why speculators are getting involved with NEO. On September 23, the NEO price was hovering around the US$20 mark. Although it had dipped to nearly US$16 a week prior, the US$20 level was still more than low enough to buy in cheaply. Those speculators who have held onto their NEO stashes will see a 50% profit today, with perhaps more profit to come in the coming days.
What makes NEO so interesting is how it is mainly designed to woo Chinese investors. Providing a solution similar to Ethereum but specifically for the Chinese market is quite ambitious. The recent ICO issues in China have caused some setbacks for the project, but it appears things are still heading in the right direction regardless. Development of this currency and its associated services is still underway as we speak.
This quick recovery has caused a lot of new investors to take an interest in NEO over the past two weeks. Seeing the NEO price hover around US$31.50 right now goes to show the people who bought in over the past 14 days made a smart decision, even though things could have easily gone the other way as well. There are always risks associated with investing in cryptocurrency, as there is plenty of market manipulation going on every single day.
Considering how NEO still has a rather low trading volume, it doesn’t take much money to move the markets in either direction. Over the past 24 hours, we have seen US$53.5 million worth of trading volume, which is very low compared to some of the other top currencies. Then again, on a Saturday or Sunday, these numbers will not increase by much. In fact, the volume may go even lower in the coming hours, but that won’t necessarily affect the price in a significant manner.
No one will be surprised to see most of NEO’s trading volume coming from Bittrex, as it has all week. However, the gap with Binance and Bitfinex is a lot smaller than it was earlier this week. That is an interesting trend well worth keeping an eye on moving forward. The demand for this particular altcoin is surging, by the looks of things, although it remains to be seen if this is mainly due to speculation or a different reason.
No one can deny NEO has become a pretty attractive currency when it comes to short-term gains. Whether or not this will translate into long-term gains and a stable price in the future is anyone’s guess right now. No one will deny the market momentum is certainly there, but if NEO continues to only target China, its potential may become somewhat limited at some point. It will be interesting to see how the developers plan to handle that in the future. For now, things are looking pretty good.