It has been a while since NEO made major headlines in the cryptocurrency world. Considering how this project is still rather popular, one has to wonder how all of this will play out moving forward. For the time being, the NEO price is going through a brief uptrend, as it seeks to reclaim the market cap ranking spot $15. Doing so may prove to be a bit challenging.
NEO Price Uptrend is Pretty Interesting
Even though the top crypto markets are all going through a bit of a bearish period right now, there is a chance things will turn around fairly quickly. Some of the alternative markets are showing promising signs of life in this regard. NEO is an interesting example, primarily because there is an uptrend shaping up primarily due to its rather high trading volume. When currencies trade nearly half of their market cap in daily volume, something interesting is happening.
Over the past 24 hours, there has been a notable NEO price increase across the board. The USD value has risen by 5.7%, bringing the price back to $8.34. In NEO/BTC, a 6.4% increase has been noted. It seems things are slowly coming together for NEO, although there hasn’t been any real development behind the scenes to warrant this increase.
As can be seen across social media, the discussions pertaining to NEo all focus on the price first and foremost. Won’t Back Down has posted a bullish NEO value chart, albeit it would appear this trend cannot be sustained for very long. In fact, there is a good chance a new market reversal will kick in once NEO starts following the Bitcoin price trend. When and if that will happen exactly, remains to be seen.
— Wont ₿ack Down🍀 (@Wbackdown) February 12, 2019
When looking at the Binance chart for NEO, it quickly becomes apparent every few green candles will be met with at least one or two red candles shortly after. For the time being, the latest red candle has yet to materialize, although that can always happen sooner than people actually expected. Even so, the overall trading volume should be able to keep the momentum going, for the time being.
— なーさん (@sansaibento) February 12, 2019
For those who are not too bothered by the recent price increase, there are arbitrage opportunities to take advantage of as well. When it comes to NEO, there are a few options worth exploring for a quick 1.4% profit on average. Opportunities like these should never be ignored whatsoever, even though it may not necessarily be the most appealing option in this regard.
— Arbing Tool (@ArbingTool) February 12, 2019
All things considered, it would appear as if the NEO uptrend may remain in place for an hour or two prior to meeting another minor decrease. For the time being, it would appear as if everything is still going fine, and the overall NEO trading volume is more than impressive. However, the overall bearish trend cannot be ignored in the slightest, and it will catch up with NEO eventually.
Disclaimer: This is not trading or investment advice. The above article is for entertainment and education purposes only. Please do your own research before purchasing or investing into any cryptocurrency.