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NEO has seen significant growth in the wake of a positive trend in the cryptocurrency market. The digital asset has surged by 33% in the past 24 hours, with its current trading price at $22.5. With a market cap of $1.58 billion, NEO now ranks as the 58th-largest cryptocurrency. The daily trading volume for NEO has also seen a notable increase, rising by 88% to reach $667 million.
According to data from Santiment, NEO’s total open interest (OI) has experienced a 37% surge in the last day, climbing from $37.79 million to $43.44 million. When OI spikes, it typically indicates higher price volatility ahead.
The Binance funding rate for NEO has decreased from negative 0.01% to 0.001% over the past 24 hours. This suggests that traders are anticipating a price drop despite the overall bullish sentiment in the market.
On April 9, NEO saw a significant 40% rally, breaking the $21 mark for the first time in over a year. This surge was followed by a further increase in price to $23.7 just two days later.
Recent data from Santiment also shows that the NEO Relative Strength Index (RSI) has risen from 56 to 63 in the past 24 hours. This indicates that NEO is currently slightly overheated and potentially overvalued at its current price level. To sustain its bullish momentum, NEO’s RSI would ideally need to cool down below the 50 mark.
For more insights on top cryptocurrencies to watch this week, check out our latest news and updates on Global Crypto News.
