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Neo price forecast: NEO is exposed to sales pressure, but also to high demand

  • NEO owners could prepare to sell the news. However, flaming farming begins within a few hours.
  • Although users in Binance can only manage FLM tokens with BNB and BUSD, the official platform supports NEO.

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

Binance has also announced the addition of NEO as a loanable asset, one of the three assets currently available. However, it appears that some large NEO whales are preparing to sell.

Several important transactions were processed through Whale Alert’s Twitter account. Most are millions of dollars worth of NEO being transferred to Binance and most likely being sold or preparing to sell.

NEO / USD daily chart

An inverted hammer candlestick is forming on the daily chart, a possible sign of a near-term reversal. The tip of the wick is 23.2 which is the most critical short term resistance. The MACD has remained bearish even though the NEO is still up around 17%.

NEO / USD 4 hour chart

neo price

On the 4 hour chart, the TD sequence indicator was about to give a buy signal. The price for NEO briefly pierced the 50MA but failed to turn it into support. The next most important support level is 100-MA.

On a bearish breakout below $ 21.22, the 100 MA would be significant and would likely bring the NEO down to $ 20. On the other hand, if a buy signal is presented by the TD sequence and the price can rise above the 50 MA and convert it into support, NEO could go for $ 24.

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