Crypto CasinosAll ICOICO statsRatingReviewsBlogNewsDEFI Wallets Mining Exchanges Chart Events

NEO Price Drops By 12% As The Market Witnesses A Bloodbath - NEO Price Analysis

12 october 2018, 00:15 by John Kiguru

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.

Follow TokenTops on Twitter to stay notified about new articles, cryptocurrency news, ICO announcements and price predictions and analysis.

Legal Disclaimer: Please remember that trading, buying or any other type of investing in cryptocurrencies should be consider risky and may lead to the loss of all of the invested money. For further information visit Terms and Conditions section on TokenTops. We do not encourage our readers to any kind of financial decisions. Neither nor its parent companies accept responsibility for any loss, damage, or inconvenience caused as a result of reliance on information published on, or linked to, from We believe that everyone should make their own and in depth research on the particular topic in various sources before making any financial decision and this person should be the only one responsible for the outcome. Our writers do their best to remain unbiased and don't actively support any project. The research is done with various sources, the predictions are based on own believes, analytical skills, experts and community discussions and is intended to convey general information only.

You may also like


Write comment 0 comments

You need to login to create comments.

Get the week’s best ICO right in your inbox