NEO has recorded spectacular positive factors because the broader crypto market witnesses bullish momentum after a purple weekend.
NEO is up by 33% prior to now 24 hours and is buying and selling at $22.5 on the time of writing. The asset’s market cap surged to $1.58 billion, making it the 58th-largest cryptocurrency. NEO’s each day buying and selling quantity elevated by 88%, reaching $667 million.
Based on knowledge supplied by Santiment, the NEO whole open curiosity (OI) surged by 37% over the previous day — rising from $37.79 million to $43.44 million.
When an asset’s OI sees a sudden enhance, greater worth volatility is normally anticipated.
Per knowledge from the market intelligence platform, NEO’s Binance funding price declined from unfavorable 0.01% to 0.001% over the previous 24 hours. The funding price exhibits that merchants are betting on a worth drop regardless of the bullish market sentiment.
On April 9, NEO recorded a 40% rally, reaching the $21 mark for the primary time in over a yr — the transfer was adopted by an additional worth hike to $23.7 two days later.
Knowledge from Santiment exhibits that the NEO Relative Power Index (RSI) rose from 56 to 63 over the previous 24 hours. The indicator exhibits that NEO is presently barely overheated and overvalued at this worth level.
For NEO to stay within the bullish zone, its RSI would want to chill down under the 50 mark.