This Altcoin Expected to ‘Take Flight’ as Binance Futures Launches Perpetual Contract
- Binance Futures launching the NEO/USDT perpetual contracts with a leverage of up to 50x
- The Chinese Ethereum would be on fire if it flips support
The latest coin to be added to leading cryptocurrency exchange Binance Futures is NEO. Over the weekend, the exchange announced the launch of NEO/USDT perpetual contracts with a leverage of up to 50x. The trading for the pair will be opened on 2020/02/17 08:00 AM (UTC).
Marching forward https://t.co/jHLwzSNU8G
— CZ Binance 🔶🔶🔶 (@cz_binance) February 16, 2020
NEO blockchain project aims to build a comprehensive “smart economy” by incorporating smart contracts, digital assets, and digital identities. Founded in 2014 under the name AntShares, in 2017, the project rebranded itself as NEO which is known as the Chinese Ethereum.
Currently, the coin is in the red just like the majority of the crypto market. Down 8.38%, NEO has been trading at $14.08 at the time of writing. In 2020 so far, it recorded an increase of nearly 58% in its price.
NEO, however, is still down 93% down from its all-time high of $195.
A Sleeping Giant?
Meanwhile, experts are calling out for more gains ahead for the 19th largest cryptocurrency by market cap of $1.15 billion.
— Mr. Backwards ® (@Coin_Shark) February 14, 2020
A pullback in the digital asset’s price will definitely be a buy the dip opportunity, according to TraderXO who points out 0.618 fib as the level of interest. The trader said,
“NEO – Is it a sleeping giant? Certainly looking forward to picking some up on significant enough pullback if the opportunity arises. Will be following this closely for any substantial announcements in 2020.”
— ₿lackbeard (@crypto_blkbeard) February 11, 2020
“Chinese Ethereum” has just left the launch pad,” called out trader Scott Melker last week as NEO broke an inverse head and shoulder pattern after a long 10 months.
It is actually the trader’s “favorite” long term set up as price broke out of the massive pattern and is testing the horizontal resistance. The good thing is volume is rising daily which means the price is to follow.
“Flipping 1528 to support should set this on fire,” said Melker.
Holy mother. Confirmed breakout of an inverse head and shoulders that has existed for almost 10 months. This should pull a 50% move up just on that pattern. Expecting to see NEO take flight. pic.twitter.com/iGSsUt4I6R
— The Wolf Of All Streets (@scottmelker) February 13, 2020
Trader Josh McGruff is of the same opinion who said,
“NEO breaks this resistance and it easily runs 50%. 4HR shows a lot of positive volumes. 1D just had a 200/50 Golden Cross on the EMA. It's ready to run.”