NEO emerges as top gainer, traders bet on price drop

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NEO has experienced significant growth recently, following the cryptocurrency market’s overall upward trend after a downturn over the past weekend.

NEO has experienced a significant gain of 33% in just the last 24 hours and is currently valued at $22.5. The asset’s market value has escalated to an impressive $1.58 billion, positioning it as the cryptocurrency with the 58th largest market cap. Notably, NEO’s trading volume has also risen by an astounding 88%, amounting to a substantial $667 million in transactions.

Based on Santiment’s data, the total open interest for NEO experienced a notable increase of 37% within the last 24 hours. This resulted in a new figure of $43.44 million, up from its previous amount of $37.79 million.

When an asset’s OI sees a sudden increase, higher price volatility is usually expected.

According to market intelligence data, the funding rate for NEO on Binance shifted from -0.01% to just 0.001% within the last 24 hours. This figure indicates that traders are wagering on a price decrease despite the generally bullish market mood.

On April 9, NEO experienced a significant surge of 40%, hitting a new high of $21.1 after more than a year; this upward trend continued, leading to a peak of $23.7 on April 11.

According to Santiment’s data, the RSI for NEO increased from 56 to 63 within the last 24 hours. This suggests that NEO is presently exhibiting signs of being moderately overbought and potentially overpriced based on this specific technical indicator.

For NEO to remain in the bullish zone, its RSI would need to cool down below the 50 mark. 

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2024-04-15 13:14