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 <p class="is-style-lead">NEO gained bullish momentum after over eight months as Bitcoin (BTC) surpassed the $30,000 mark on Oct. 19.&nbsp;</p>
 <p>The asset reached $15.3 on Nov. 5, marking a <a rel="noopener noreferrer nofollow" title="36-week" href="https://thebittimes.com/tag/36-week.html">36-week</a> high — NEO reached $15.5 in mid-February. The native crypto of the Chinese blockchain Neo, which once competed with the second-largest blockchain, Ethereum (ETH), has gained bullish momentum after eight months of constant declines.</p>
 <p>According to data from the market intelligence platform Santiment, NEO’s social volume skyrocketed over the past week — marking an 800% surge in the past seven days.&nbsp;</p>
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   <img decoding="async" width="3840" height="1300" src="https://cdn.thebittimes.com/images/2023/11/06/1bdbc639f62fca25a1dce8817f805119.webp" alt="NEO reaches 36-week high while short-positions rise - 1"> 
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   NEO price, social volume, Binance funding rate and open interest – Nov. 6 | Source: Santiment
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 <p>Moreover, data from Santiment shows that the Binance futures funding rate for Neo has reached 0.05%. In simple terms, this indicates that <a rel="noopener noreferrer nofollow" title="short-position" href="https://thebittimes.com/tag/short-position.html">short-position</a> holders are dominating long-position holders until major movements happen.</p>
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 <p>As the token <a rel="noopener noreferrer nofollow" title="reaches" href="https://thebittimes.com/tag/reaches.html">reaches</a> its local top, NEO’s total open interest (OI) witnessed a 68% rise in the past 24 hours. According to the market intelligence platform, Neo’s total OI in derivatives contracts has reached $44.3 million.</p>
 <p>However, while the Binance funding rate suggests the dominance of <a rel="noopener noreferrer nofollow" title="short" href="https://thebittimes.com/tag/short.html">short</a> <a rel="noopener noreferrer nofollow" title="positions" href="https://thebittimes.com/tag/positions.html">positions</a>, the exact amounts of <a rel="noopener noreferrer nofollow" title="short" href="https://thebittimes.com/tag/short.html">short</a> and long <a rel="noopener noreferrer nofollow" title="positions" href="https://thebittimes.com/tag/positions.html">positions</a> are still not precise.</p>
 <p>NEO is up by 17.6% in the past 24 hours and is trading at $13.66 when writing. It’s important to note that the asset registered a 91% rise over the past 30 days.</p>
 <p>Data shows that the total market cap of NEO is currently sitting at $963 million, making it the 50th largest cryptocurrency. Neo’s 24-hour trading volume surged by 316%, reaching $613 million.</p>
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<p>Source: <a rel="noopener noreferrer nofollow" target="_blank" href="https://thebittimes.com/neo-reaches-36-week-high-while-short-positions-rise-tbt69155.html">https://thebittimes.com/neo-reaches-36-week-high-while-short-positions-rise-tbt69155.html</a></p>

NEO reaches 36-week high while short-positions rise

TheBitTimes

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