NEO has surged in value amidst a positive trend in the wider cryptocurrency market following a recent downturn. In the last day alone, NEO has seen a remarkable 33% increase, currently trading at $22.5. Its market capitalization has also climbed to $1.58 billion, solidifying its position as the 58th largest digital currency. The daily trading volume for NEO has spiked by 88%, reaching $667 million.
In data presented by Santiment, the total open interest for NEO has soared by 37% in the past 24 hours, jumping from $37.79 million to $43.44 million. This surge in open interest often indicates a potential uptick in price volatility.
Additionally, NEO’s funding rate on Binance has decreased from negative 0.01% to 0.001% in the same period. Despite the overall optimism in the market, this funding rate suggests that traders are anticipating a possible decline in NEO’s price.
On April 9th, NEO experienced a significant 40% increase, breaking the $21 threshold for the first time in over a year. This initial surge was followed by a further rise to $23.7 just two days later.
Santiment’s data also reveals that NEO’s Relative Strength Index (RSI) has climbed from 56 to 63 within the last day, indicating that the asset may be slightly overbought at its current price level. In order for NEO to maintain its upward momentum, its RSI would ideally need to drop below the 50 mark.
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