Traders place bets on price drop as NEO emerges as the ultimate gainer
NEO Surges by 33% Amid Bullish Momentum in Crypto Market
In a positive turn of events, NEO has experienced significant gains as the broader cryptocurrency market shows signs of bullish momentum following a challenging weekend. At the time of writing, NEO is up by an impressive 33% and is currently trading at $22.5. This surge in price has propelled NEO’s market cap to $1.58 billion, solidifying its position as the 58th-largest cryptocurrency. Moreover, the daily trading volume for NEO has also witnessed a substantial increase of 88%, reaching $667 million.
Data provided by Santiment reveals that the total open interest (OI) for NEO has surged by 37% in the past day, rising from $37.79 million to $43.44 million. Such a sudden increase in OI usually indicates higher price volatility in the asset.
Furthermore, Santiment’s market intelligence platform highlights that the funding rate for NEO on Binance has declined from -0.01% to 0.001% within the past 24 hours. This data suggests that despite the overall bullish sentiment in the market, traders are still placing bets on a potential price drop for NEO.
It is worth noting that on April 9, NEO experienced a significant rally of 40%, reaching the $21 mark for the first time in over a year. This surge in price was further followed by an additional hike to $23.7 just two days later.
Santiment’s data also reveals that the Relative Strength Index (RSI) for NEO has risen from 56 to 63 within the past 24 hours. This indicates that NEO is currently slightly overheated and potentially overvalued at its current price point. To maintain its position in the bullish zone, NEO’s RSI would need to cool down below the 50 mark.
In conclusion, NEO’s recent surge in price and trading volume, coupled with the increase in OI and decline in funding rate, suggests that the asset is experiencing positive momentum despite some concerns about its current valuation. Investors and traders will be keeping a close eye on NEO’s performance in the coming days to gauge its future trajectory.
