Flamingo is a decentralized financial platform (DeFi) based on NEO blocks and poly network interoperability protocols.
The Flamingo network combines several DeFi applications into one ecosystem:
Cross-blockchain asset gateway (Wrapper)
Blockchain liquidity pool (Swap)
Blockchain asset vault
Perpetual contract trading platform (Perp)
Decentralized governance organization (DAO)
The founder of Flamingo is Da Hongfei who is known as one of the main competitors to Ethereum and it is also said that Hongfei is the individual who has founded OnChain.
Flamingo positions their network as a single platform that combines various decentralized financial tools into NEOs to become a common ecosystem through decentralized autonomous organizations.
Looking at the FLM/USDT chart, the FLM price movement continued to maintain a bearish trend and moved slightly horizontally at the end of the June market.
Yet if we look at the FLM price movement, it seems that the price once made an increase of more than 800% on the 2021 market movement before declining by 70% to test the $ 0.32 support level.
With the current slow movement pattern, there is a possibility that the price will re -test the $ 0.32 support level and may continue lower.
The lower decline is expected to lead to a hard -to -break level at the end of the January market around the $ 0.23 price level.
If the FLM price manages to make a rebound, the SBR (support become resistance) level around $ 0.42 will be tested before the price is expected to head to a higher price level.
For the next rise, analysts expect the price to head to the SBR level of $ 0.56 to continue the uptrend.
If the price movement continues to break the SBR level of $ 0.56, the price is expected to give a positive signal for a change in the FLM trend.
As of 11.30am local time, the FLM price is down more than 5% to trade at a price level of around $ 0.36.
