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  • NEO trading volume drops 8.5% but the market-cap rises slightly to $1.6 billion.
  • The recovery slow but steady: NEO eyes $18.00 and $20.00 in the short-term.

NEO is still making subtle lower corrections in spite of the bullish wave that swept through the market On Wednesday. Despite the 1.45% drop the day, NEO/USD has been able to defend the rising channel.

While the declines on Monday and Tuesday saw the cryptocurrency market wipe off $13 billion, NEO market capitalization experienced a slight drop from $1.2 billion recorded on September 24 to $1.19 billion at the close of the session on September 25. The trading volume also declined by 8.5% in the same period. At the time of writing the 14th cryptocurrency market-cap stands at $1.6 billion while $60 million in volume has been exchange in the last 24 hours.

Meanwhile, NEO is trading at $17.87, although it has traded highs of $18.34 on the day. The slight bearish correction from the intraday high has been protected at the hourly 50SMA currently at $17.00. The lower rising trendline has been acting as a bounce wall for the price since the recovery around $17.20. NEO has several support areas that will come in handy if the bears increase their grip; at $17.60, $17.40 and $17.20.

NEO/USD hourly chart