TrendsWide
Contact US
  • Home
  • Trending
  • Health
  • Life Style
  • NBA
  • Reviews
No Result
View All Result
TrendsWide
  • Home
  • Trending
  • Health
  • Life Style
  • NBA
  • Reviews
No Result
View All Result
TrendsWide
No Result
View All Result
Home Cryptocurrency

Neo (NEO) price may gain over 70% on this chart pattern

by souhaib
September 28, 2020
in Cryptocurrency
0
Neo (NEO) price may gain over 70% on this chart pattern
74
SHARES
1.2k
VIEWS
Share on FacebookShare on Twitter
ADVERTISEMENT


You might also like

Why is Bitcoin Down Today?

Opt for These Metaverse Projects in July 2022

ADA can fall as low as $0.20 if it fails to recover

  • NEO price is enjoying a great month as it gained to log 2-year highs at $25.90
  • Neo Foundation is planning to use its roughly 42.24 million NEO holdings to mint FLM tokens
  • A break of $21.00 activated the double chart pattern as bulls target a move to $36.00

Neo (NEO) price is enjoying a great month as it gained to log 2-year highs at $25.90. After breaking the $21.00 handle, the buyers activated a double bottom chart pattern which may push the price action to $36.00 in the coming months. 

Fundamental analysis: Neo to acquire FLM tokens

The Foundation said it doesn’t plan to use the majority of its NEO holdings to amass FLM tokens in the course of the Flamingo Finance Mint Rush. The foundation wants to accumulate a “minority share” during the Mint Rush, scheduled to begin on September 25th.


Are you looking for fast-news, hot-tips and market analysis?

Sign-up for the Invezz newsletter, today.

Concerns emerged recently in the Neo community that the foundation is planning to use its roughly 42.24 million NEO holdings to mint FLM tokens. The community expressed its concerns about an unjust FLM token distribution to NEO token holders, or that the foundation may capitalize on coffers created to support the development of the Neo ecosystem.

Yuan Gao, head of marketing at NGD, said that Neo Foundation plans to use only a percentage of its holdings to take part in the Mint Rush, rather than use the majority.

“The Neo Foundation won’t stake all of its NEO into [Flamingo]; there is too much. It doesn’t make sense for the Foundation to mint most of the FLM because it’s a [decentralized finance] project, and won’t work that way if one party takes the majority stake of the token. So, the Neo Foundation is going to have a minority share.”

He said the foundation wants to acquire FLM for two main reasons. First, the foundation wants to offer liquidity to Flamingo’s new Swap module, an on-chain exchange. In order for the Swap module to operate, it needs an accessible pool that includes NEO, GAS, NEP-5, and other supported tokens to trade. 

The second reason is that NF plans to take part in future voting and management processes, in which FLM tokens have an essential role. Neo Foundation and Neo Global Development will govern the Flamingo project directly in its early stages. 

However, the plan is to pass the management responsibility to the community, which will decide on the further direction of Flamingo through a decentralized autonomous organization (DAO) administration model. 

Technical analysis: Double bottom chart pattern

NEO/USD price is currently in the correction mode after gaining over 16% last week to trade above the near-term resistance at $21.00. This is also a neckline of the double bottom chart pattern, which has a measured target at $36.00. The pattern is now activated and buyers will look to push the price action towards this milestone.

Neo (NEO) price may gain over 70% on this chart pattern
NEO/USD price daily chart (TradingView)

Looking in the short-term, the price action has now returned lower to retest the broken resistance, which now acts as support. Hence, this is an opportunity for the new NEO buyers to get on the long side and place their stops below the support line. 

Summary

NEO/USD has activated the double-bottom chart pattern at $21.00, and the bulls will now aim to complete the formation at $36.00. In the meantime, the Neo Foundation said it will use only a minor percentage of its NEO tokens to accumulate FLM tokens during the Flamingo Finance Mint Rush.



Source link

Share this:

  • Twitter
  • Facebook
  • More
  • Pinterest
  • Telegram
  • Email
Share30Tweet19
Previous Post

Bitcoin is the Only Coin Worth Holding?

Next Post

The Nigerian Job

souhaib

Recommended For You

Why is Bitcoin Down Today?

by souhaib
August 12, 2022
0

The price of Bitcoin (BTC) has declined substantially over recent months, thanks to significant instability in cryptocurrency markets. BTC is hanging around $21,000, down 10% over the last...

Read more

Opt for These Metaverse Projects in July 2022

by souhaib
August 6, 2022
0

Everybody’s talking about the Metaverse! They cannot help it! It garners attention, without even trying! Print media, social media, and word-of-mouth advertising, harp on it! In turn, this...

Read more

ADA can fall as low as $0.20 if it fails to recover

by souhaib
August 6, 2022
0

The price of Cardano (ADA) has validated the last week’s bearish trade setup. This is because now the bears are in profit by nearly 12 per cent. It...

Read more

Will Crypto market & BTC begin strong recovery in 2022

by souhaib
August 6, 2022
0

Will the price of crypto continue to go up? This is probably one of the most important questions that people who use cryptocurrencies are thinking about right now....

Read more

The touch of cryptocurrency is NFTs!

by souhaib
August 6, 2022
0

The non-fungible tokens are unique data stored on Blockchain technology with immutable features. Moreover, once the data is created into the non-fungible tokens is not going to be...

Read more
Next Post
The Nigerian Job

The Nigerian Job

No Result
View All Result

Recent Posts

  • Mexico adds 4 deaths from Covid-19 and 1,367 new infections registered in the last 24 hours
  • Know the relevance of an Search engine marketing and an agency
  • Twitter Has to Give Musk Only 1 Bot Checker’s Knowledge: Its Ex-Product Head
  • Home Reviews 2022
  • The euro falls due to risk aversion

Browse by Category

  • Australia
  • Automotive
  • Business
  • Celebrity
  • Cryptocurrency
  • Deals
  • Economie
  • Education
  • Euro
  • Forex
  • Gaming
  • Health
  • Life Style
  • NBA
  • News
  • Reviews
  • Sports
  • Switzerland
  • Trending
  • U.S.
  • Uncategorized

Categories

  • Australia
  • Automotive
  • Business
  • Celebrity
  • Cryptocurrency
  • Deals
  • Economie
  • Education
  • Euro
  • Forex
  • Gaming
  • Health
  • Life Style
  • NBA
  • News
  • Reviews
  • Sports
  • Switzerland
  • Trending
  • U.S.
  • Uncategorized

Pages

  • Contact US
  • Newsletter
  • Privacy Policy
  • Terms & Conditions

© 2021 - TrendsWide

No Result
View All Result
  • Home
  • Contact US
  • Privacy Policy
  • Trending
  • U.S.
  • Economie
  • Deals
  • Reviews
  • Cryptocurrency
  • Health
  • Life Style
  • NBA

© 2021 - TrendsWide