Is It Too Late to Buy NEO? NEO Price Blasts Up 7% and Crypto Startup Launchpad Raises $1.6 Million – Fundraise Ends Today
Leading Chinese layer-1 smart contracts blockchain NEO has blasted up +7% following Flamingo Finance's cross-chain integration with Ethereum and Ontology.
Dubbed 'Chinese Ethereum' by Western traders, NEO has been on the climb since September 2, as price appears to be bouncing back from strong double-bottomed consolidation.
And now, following the bullish announcement from Flamingo Finance that they have successfully integrated cross-chain support for Ethereum and Ontology - bridging the Western and Eastern blockchains it appears that NEO is set to resume rally structure.
In the wake of the cross-chain integration news, NEO has pushed up +7%, in a decisive move that has left NEO trading at a current market price of $7.35 (representing a 24-hour change of -2.26%).
The sudden upside move saw an impressive candle spike on September 5 - with NEO shooting up +15.3% to upper trendline resistance.
Now in localised retracement, price action is consolidating after the dramatic reclamation of NEO's 20DMA - which has formed a tough ceiling of resistance for 60-days since July 7.
With consolidation underway, NEO price appears bullish in technical support, with the announcement news triggering NEO's bounce from double-bottomed local support at $6.85.
Despite the significant move, NEO's RSI hasn't overheated - remaining at 46 - an oversold signal.
This suggests that price action has room to push up higher, and this is reflected in the MACD's sentiment which is sat with bullish divergence at 0.07.
Overall, NEO appears to be in strong bullish form - with double-bottomed footing off lower support and poised positioning in consolidation above the 20DMA - suggesting that it's not too late to buy NEO just yet.
To the upside, NEO is targeting a
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