Neo Price Analysis: NEO explodes 15% after Binance announcement to list FLM
|- Flamingo (FLM) is a full-stack decentralized finance protocol built on the NEO blockchain.
- Flaming.Finance will launch on September 25, allowing users to stake NEO and other coins to receive FLM tokens.
The Flaming project announced its launch back in August when NEO saw another 15% surge. Binance will be launching the FLM staking pool on September 27 and list the token one day later. There are only two supported pools, BNB and BUSD; however, the Flamingo website itself will allow NEO staking.
NEO/USD daily chart
NEO is one of the few cryptocurrencies to hold its daily uptrend and has been outperforming the rest of the coins since September. The price is currently fighting to climb above the 12-EMAat $21.52 after a 15% surge in the past 24 hours.
The next most important level of resistance is right at around $22. The MACD did turn bearish but could flip bullish again in the short-term considering the recent shift in momentum. The nearest support level was established at $18.60, followed by $15.93.
NEO/USD 4-hour chart
-637364656843152068.png){kind=link}
The 4-hour chart has clearly flipped in favor of the bulls after climbing above the 12-EMA. The MACD just turned bullish, and the RSIC has finally bounced after being overextended for more than one day.
However, in the short-term, the price of NEO could go back down and re-test the 12-EMA at $20.63 before the next leg up towards $22.
Traders need to look at the $22 resistance level as the key for NEO to re-test the 2020-high and $20.63 as the most critical support level in the short-term.
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.