Neo Price Prediction: NEO faces downward pressure as investors prepare to “sell the news”


  • NEO holders could be getting ready for ‘selling the news’; however, Flaming farming starts within hours. 
  • Although on Binance, users can only farm FLM tokens using BNB and BUSD, the official platform does support NEO. 

Flamingo Finance is a full-stack DeFi protocol built on NEO. Binance has recently announced a new Launchpool that included FLM tokens, set to launch on September 27. FLM will then be listed on September 28 with four trading pairs. The announcement had a notable impact on the price of NEO, boosting it by 20%.

 

Binance has also announced the addition of NEO as a borrowable asset, one of the only three assets available right now. However, it seems that some large NEO whales are getting ready to sell. 

Several significant transactions have been seen through the Whale Alert Twitter account. Most of them are millions of dollars worth of NEO being transferred to Binance, most likely to be sold or getting ready to sell. Around 1 million NEO tokens were transferred to Binance within hours, representing close to $22 million. 

Additionally, it seems that the NEO Blockchain has stopped working as no new blocks have been created in the past 30 minutes according to NEOtracker. This seems to have been caused by the launch of Flamingo Finance which made a statement on Twitter stating that they are looking into this issue. 

NEO/USD daily chart

neo price

There is an inverted hammer candlestick forming on the daily chart, a potential sign of a reversal in the short-term. The top of the wick is $23.2, which is the most critical short-term resistance. The MACD has remained bearish even though NEO is still up by around 17%. 

NEO/USD 4-hour chart

neo price

On the 4-hour chart, the TD sequential indicator is close to presenting a sell signal. The price of NEO pierced briefly through the 50-MA but didn’t manage to transform it into support. The next most important support level is at the 100-MA.

A bearish breakout below $21.22, the 100-MA would be significant and likely to take NEO down to $20. On the other hand, if the price can climb above the 50-MA and transform it into support, NEO could aim for $24.

Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers.

Cryptos feed

Latest Crypto News


Latest Crypto News & Analysis

Editors’ Picks

Bitcoin Price Prediction: Bitcoin facing potential pullback before a final push to $20,000

Bitcoin is back above 60% market dominance and climbed above $13,000 for the first time since June 2019. In the past week alone, BTC's total market capitalization has increased by over $31 billion.

More Bitcoin News

Ripple Price Prediction: XRP cracks a critical resistance level and targets $0.30

XRP has been fighting with an ascending triangle pattern for around one month and seems to have finally cracked the upper boundary. If the digital asset can close above this critical resistance point, bulls will be in full control.

More Ripple News

Vechain Price Prediction: VET hits a robust resistance wall towards $0.016

Vechain, like the rest of the market, seems to be rebounding although still far away from its 2020-high at $0.0229, currently only trading at $0.0123. Over the past week, the digital asset gained around $125 million in market capitalization. 

More Vechain News

Bankers grow concerned as governments around the world rush to digital currencies

The idea of state-backed digital money is gaining traction around the globe. However, neither regulators nor the community clearly understands how it will look like and what are the consequences of this major evolutionary development in the global financial system.

More Cryptocurrencies News

BEST CRYPTO BROKERS/EXCHANGES




Bitcoin: BTC ready to escape from the range; bulls have $12,000 in mind

Bitcoin has been gaining ground amid positive fundamental developments. The flagship cryptocurrency is ready to break free from its current range and proceed with the recovery towards $12,000. 

Read the weekly forecast

BTC

ETH

XRP