The value of cryptocurrencies has been increasing significantly. While Bitcoin has been stealing the spotlight, other cryptocurrencies like NEO have quietly given its investors reasons to cheer. In the last few months, NEO had been holding up to the $32 level without being able to break that level.
On the lower side, it has managed to jump from the $25 level. The investors in the cryptocurrency have been quite frustrated by this range. However, recently it broke out on the upper side. After breaking the $32 level, it reached all the way up to $40 as well. That was a gain of 25% in just a few hours. Even though it has found resistance at the $40 level, it is still settling around the $39 mark. This ensures that the gains are still 20% in the last 6 months. This is one of the main reasons why it has become more and more attractive for the cryptocurrency investors.
As volumes increase more and more for the cryptocurrencies, they are bound to have some volatility. Most of the investors are betting on this moment in order to get gains as well. Many of the cryptocurrency funds were also invested in NEO. That is why the wide base of investors has already benefited from the significant rise in the cryptocurrency. It remains to be seen whether the cryptocurrency again goes into a range of movement or the cryptocurrency breaks out on the upper side once again. Most of the funds are still invested in the cryptocurrency and heavy selling is actually not seen. That is why, there is an expectation that again, the cryptocurrency would move on the upper side.
Since the last few months, there have been a few cryptocurrencies which have remained range bound like Ripple. However, any movement has been pretty swift and strong on either side. That is why, investors are still sticking to their favorite cryptocurrency in the hope that whenever the breakout comes, it would be pretty strong and it would be well worth the wait.
So, if you’re invested in any cryptocurrency, it is a good idea to still stick to it rather than liquidating the cryptocurrency just because it is range-bound. When it finally happens in the cryptocurrencies phase, you can be sure that it would be pretty strong which would provide you with adequate amount of returns for the time period which you have waited.