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Ethereum Classic Price: Massive Pump Ends in Tears as Value Retraces

The uneasy market momentum maintains its grip on the cryptocurrency industry. None of the top currencies are looking great as of right now. It would appear the Ethereum Classic price is taking the brunt of the assault, which is entirely expected after its recent pump out of nowhere.

Ethereum Classic Price Returns to Normal

During the past week, very few cryptocurrencies have seen any real positive momentum. One big exception in this regard was the Ethereum Classic price, which successfully benefited from a lot of hype and excitement surrounding this altcoin. The impending addition to Coinbase and the listing on Robinhood sparked a lot of FOMO which eventually cost a lot of people money.

Fast forward to today, and it has become apparent the Ethereum price is slowly returning to a more normal level. That is a very positive development for the industry, as pump-and-dump cycles need to be weeded out first and foremost. In the case of the Ethereum Classic price, a 10.16% setback in the past 24 hours is not entirely surprising, as its value dropped below $14.75 again.

As one would come to expect from this current Ethereum Classic price momentum, it is primarily fueled by a decline in the ETC/BTC ratio. Due to a 6.78% setback in this regard, it is only normal the Ethereum Classic price will continue to decline for quite some time to come. How long the Ethereum Classic price will go over the weekend, remains to be determined.

Unlike most other altcoins, Ethereum Classic notes some strong volume in the past 24 hours. Thanks to $338.7m in trades, the demand for ETC is not slowing down However, it is clear as day the sellers are dominating the volume right now, as they took profits when everyone else jumped in a few days ago. That sell-off marked the end of the recent ETC pump as it was bound to happen sooner or later.

CoinMarketCap still excludes BitForex’s trading volume, even though it sits in third place. OKEx’s USDT pair leads the pack ahead of Binance’s BTC market and USDT markets offered by Bitforex and Binance. OKEx closes the top five with a Bitcoin market. No fiat currency support in the top nine can become a very big problem for the Ethereum Classic price in the coming hours and days. The only support in that department comes from South Korea, and even those traders are not too excited about ETC right now.

If there is one lesson to be learned, it is how the Ethereum Classic price remains subject to pumps and dumps in 2018. This trend has been present for a while now, and it will continue to hurt this currency for quite some time to come. Even so, the overall cryptocurrency momentum is not awe-inspiring at this point, and ETC will continue to suffer from this bearish pressure for the foreseeable future.

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NEO Price Notes Strong Momentum to Strengthen Support at $17

In the world of altcoin trading, there isn’t too much to get excited about these days. After all, most of the top 20 currencies are in the red right now with little improvement in sight. NEO is still trying to note some sort of uptrend, although sustaining a value of over $17 will be quite challenging. NEO Price Surpasses $17 It is always interesting to see how things evolve in the world of altcoins. A lot of people flock to Bitcoin first and foremost, yet the world’s leading cryptocurrency has been a bit of a letdown throughout 2018. Some altcoins try to benefit from this stagnating price momentum, and NEO is seemingly reaping the rewards at this time. Over the past 24 hours, the NEO price has surpassed $17 again. It is not the first time this happens this year, although any uptrend to remain above that value has been pushed down fairly quickly. It remains to be seen if this latest push will yield any results, although the current trend looks promising. A 3.5% increase in USD value and a 4% gain over Bitcoin are quite telling. Looking at the social media activity pertaining to NEO, it is evident some interesting things are happening. A NEO technical article competition is being organized as of right now. This venture runs between now and December 19th. The best articles will receive a financial compensation to be paid in NEO, which makes for an interesting opportunity. More technical articles will help raise awareness about NEO in the long run, which can only be considered to be a good thing. Call for #NEO Technical Articles!!!We are running a competition to encourage participants to share their experiences and knowledge focusing on the technical aspects of #NEO #Blockchain. Submission is open until Dec.17! Find more detail here: https://t.co/CLiBcPX1Qn pic.twitter.com/abv4XzMN4i — NEO Smart Economy (@NEO_Blockchain) October 18, 2018 Interestingly enough, not everyone thinks the NEO price will continue to move up. DaVinci, for example, sees an ascending triangle forming for NEO, which could effectively cause the market to see a pretty steep correction later this week. For the time being, the support seems to hold its own quite well, although a dip below $17 can be quite problematic. Ascending triangle on #neo Havent opened any trade though.. waiting for grey line to break, so bears can take over.. pic.twitter.com/kyvCHg35fl — DaVinci (@crypto_DaVinci) October 18, 2018 One interesting announcement has been made regarding an upcoming NEO fork. Known as Neo Super Fork, a clone of NEO will be created, and an airdrop will occur for all existing token holders. Users will receive the newly created NEOX token for every NEO they hold in their wallet at the same of the snapshot. That fork will occur on November 10th, which gives NEO owners something to look forward to. $neo fork le 10 novembre. Projet non affilié à #neo. Distribution à 2:1. Voyons voir comment les choses evoluent ! pic.twitter.com/EA1YuIhjep — CryptoFrenchy (@FrenchyCrypto) October 18, 2018 Based on the current circumstances, it will be interesting to see how the NEO price evolves in the near future. There is a pretty strong uptrend brewing, although key support levels can still be broken with some ease. Its overall trading volume of $206m shows there is sufficient interest in this altcoin right now, albeit things can always turn around when people least expect it. The post NEO Price Notes Strong Momentum to Strengthen Support at $17 appeared first on NullTX.

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