- Neo announced a new DeFi project titled “Flamingo Finance” set to launch by September 23
- PeckShield Inc. is auditing Flamingo’s smart contracts at the moment
- Neo (NEO) is trading with an increase of over 25% this week following the anticipation of crypto investors in upcoming defi products
One of the cryptocurrencies that have been gaining a lot of traction these days has been Decentralized Finance or popularly known as DeFi. DeFi is a new growing trend in finance, taking traditional finance elements, and moulding them into trustless protocols. The recent DeFi boom mirrors the 2017 ICO craze but also depicts a new phase for the rapidly growing cryptocurrency industry. This time around, more players from the traditional finance world and the crypto space are participating. NEO is the latest to join the bandwagon and announced a new DeFi project titled “Flamingo Finance” set to launch by September 23.
NEO’s Flamingo Finance
Neo, the blockchain platform, announced its plan to launch Flamingo Finance by the last week of this month. Flamingo is a part of the NGD’s (Neo Global Development) incubator initiative that explores DeFi’s potential by implementing interoperability between blockchain networks and their relevant assets.
Flamingo is an interoperable defi protocol built on the top of Neo blockchain. It is composed of five elements, namely Wrapper, Swap, Vault, Perp, and DAO. FLM is the governance token of Flamingo Finance and said to be distributed 100% to the community based on their participation. The wrapper serves as a cross-chain portal for BTC, ETH, Cosmos-SDK, and ONT based blockchains. Users will be capable of wrapping different assets on the NEO blockchain as NEP-5 tokens.
PeckShield Inc. is auditing Flamingo’s smart contracts at the moment, a company that also conducted audits for several DeFi projects, including OneSwap, Harvest Finance, StarkExV2, and more.
NEO Price Action
With the announcement of Flamingo Finance, Neo witnessed major price fluctuations. Neo (NEO) is trading with an increase of over 25% this week following the anticipation of crypto investors in upcoming defi products. Neo (NEO) is acknowledged as one of the most volatile cryptocurrencies in the market. Over the past three months, Neo (NEO)’s price recorded an increase of +103.5%. The change is substantial.
Neo (NEO) has improved on the market cap scale lately, with the same noted by its performance on the charts. The last days of August saw NEO exponential surge on the charts. However, since then, changes have set in, and linked with the crypto market’s fall, NEO fell by -0.68% over the past 24 hours. Despite the fall above, NEO noted YTD gains of over +148.0% at the composting time.
NEO Technical Analysis
Looking into the weekly charts, neo has tested previous resistance which turned into support. we can see bullish momentum as neo is slowly taking off and moving towards next resistance.
According to indicators on the weekly chart, the 20-day EMA has crossed the 50-day EMA and it confirmed a new uptrend.
On the daily chart, Neo formed an ascending triangle and is facing a bit of resistance, macd has already crossed which shows strength to push the price further. Neo will either break it soon or retrace to support trendline of this triangle, somewhere around 18.81 and from there bull could try it again to break it.
Within a few weeks we could see neo trading around $30, As Neo doesn’t have much resistance around this area so this move should be quick towards first target $31.