NEO (NEO) – So many people have been drawn to the cryptocurrency market because of the high rate of returns it provides within a short time. And one of the top destinations for people looking to invest in cryptocurrencies is the NEO coin. Most people are interested in coins that are ranked within the first 10 in the world. Companies and big institutions who invested early in the market have really reaped the benefits of being the early adopters. As more coins emerge in the market, investors are looking to leverage their trading experience to make a good profit out of the cryptocurrency market.
NEO is among the most popular cryptocurrencies right now. Neo’s technology is quite simple to understand. It’s definitely one of the reasons why people have invested in the coin.
How has NEO come this far?
Neo was launched by OnChain in 2014 as a second blockchain generation platform. The coin has been a mover in the top ten coins by market capitalization which currently is well over $4 billion. The present bearish market condition is set to influence the value of most cryptocurrencies, but experts are predicting that NEO will still come out stronger.
The cryptocurrency market is still instable and will remain volatile, but some coins have done considerably well to withstand storms in the market. One of such coins is the NEO cryptocurrency. Investors are aware of the fact that the market can turn in heads without any notice, but they are still willing to hold on for a while until the NEO coins appreciates to a reasonable level.
Todays market (31st May) was not quite favorable for NEO. Majority of the top cryptocurrencies are experiencing a bit downturn as the bear market keeps prolonging. Most of the coins are showing red as more news from South Korea threatens to unsettle the cryptocurrencies.
With the news that the South Korean government is about commencing an investigation on Upbit for fraud, some cryptocurrencies have been slightly affected. As the news continues in the cryptocurrency social circle, some investors are a little worried about the development. This was the main reason the market is looking bearish at the moment. Investors will continue to look at the unfolding events and see how it will further affect the overall value of their coins. NEO has been shuffling between 8th and 11th for the past few weeks.
NEO closed at the 11t spot, dropping to 23.4% and 15.4% in the 7 day and 24 hour charts respectively. This drop may be as a result of the current news about Upbit or some other causes. Although this may seem a bit worrying, considering that this is the first time it has dropped so much in several weeks. But fluctuations like these are common in the cryptocurrency market. Some coins can drop considerably and then pick up within few days of weeks. The high volatility in the market can actually discourage a new investor who does know the extent of fluctuations in the market. It’s not about getting down but bouncing back to surpass the coin’s previous value. If there is any cryptocurrency that can drop and still get back to its feet in no time, it’s certainly NEO cryptocurrency.
Most investors are aware of this fact, and they are still holding on to their coins in anticipation of a change in direction for good. Whether it’s other issues at play or the South Korea Upbit situation, NEO’s volatility did not begin today. The currency has been witnessing some levels of fluctuations in the past, but it has always bounced back and even surpassed its previous level. Will this current drop be the beginning of a downturn era for NEO or a stepping stone to gain more value? Only time will tell.
Will NEO reach its previous all time high of $100 again?
The high flying NEO coin we witnessed late April has suddenly come to an abrupt end, with the value going down each day. NEO reached an all time high of $94.74 in late April when the bulls were holding on to their investment. The current slide of the popular coin has been linked to the loss of enthusiasm of the bulls in the market. But the question now is, can NEO still reach this height in the nearest future?
— NEO Smart Economy (@NEO_Blockchain) May 19, 2018
NEO has been known to be relatively stable, despite some economic events surrounding it. It has outperformed several other cryptocurrency in its grade over the last few months. The recent bearish movement may put off some investors, but NEO cryptocurrency can actually bounce back.
As the market becomes porous, many investors were too eager to cash out to avoid further loss. This was the beginning of its recent slide in the cryptocurrency market. But several other coins are experiencing the same challenge. Currently the cryptocurrency market is in its bearish state, which means most coins are experiencing the same slide. Although there have been some improvements in some other coins, the market has not yet gotten rid of the bearish position.
NEO’s position in the market can be viewed from two perspectives: a period of extreme rise and a period of steady decline. From January to April, the cryptocurrency was rising high. But at the beginning of May, a whole lot of things went wrong for NEO. The coins pummeled steadily from its previous high position until it came down o $64.
As stated earlier, many other coins within the top 10 are also experiencing the same level of decline. The good news is, this current market decline has happened in the past and NEO was able to withstand the decline until it began improving. So, it could still be a temporary decline, based on current situations and the past.