NEO has experienced a significant 33% increase in value within the past 24 hours, currently trading at $22.5. The daily trading volume for NEO has also surged by 88%, reaching $667 million.
This sudden increase in open interest (OI) typically indicates higher price volatility. The market intelligence platform has reported a decline in NEO’s Binance funding rate from negative 0.01% to 0.001% over the same period.
Despite the generally bullish market sentiment, this funding rate suggests that traders are anticipating a drop in price. Additionally, data from Santiment indicates that NEO’s Relative Strength Index (RSI) rose from 56 to 63 in the past 24 hours.
Maintaining a bullish stance would necessitate the RSI’s cooling down to below the 50 mark.