NEO Price Drops By 12% As The Market Witnesses A Bloodbath - NEO Price Analysis
NEO Drops By 12% As The Market Witnesses A Bloodbath
For a couple of weeks now, bitcoin has been stable, and by extension, this meant stability for most cryptocurrencies. However, in the last couple of hours, everything has dramatically changed. Bitcoin has dropped from over $6,600 to below $6,200 and this meant a market bloodbath. NEO has been one of the many altcoins that have shed off prices in the last 24 hours but in NEO’s case, the pain has hit it hard. While many cryptocurrencies have fallen into the 5% to the 10% price fall gap, NEO at the time of writing this has fallen by 12%.
At the time of writing this, NEO is trading at $15.96. This is a fall from just over $18.00, where it has been trading at for the last couple of weeks. The recent drop also means that the coin has broken past its support level. On September 18, the coin dropped to $16.65 at which point the bulls dragged the price back up and set the level as its support level.
Now, the support level has been broken and it is still unclear how further the price will go.
Unfortunately, the recent drop by NEO and all other altcoins cannot be traced back to the altcoins and neither can they be solved by them. Their survival currently hangs in the hands of bitcoin and should it continue falling, the altcoins will continue dropping.
However, if bitcoin should start surging, then it is guaranteed that the altcoins will begin rising. The drop by altcoins following the drop by bitcoin just goes to show that the altcoins are yet to mature and their existence still primarily depends on bitcoin.
Before this recent drop, NEO was looking stable and ready to soar higher. In the last three months, the coin has been trading over $15.00 and only fell below this on August 14 when again there was a crisis in the market.
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