How long will NEO continue sideways?
Updated
Anyone observing NEO over the last week or two is aware that it is being artificially held in place at it's current level. But WHY?
A few minutes of watching the Bid ledger makes a few things obvious -
1. The bid of $813.600 is simply there as a bookend to help drive the bid up. It will move up and down with the current bid and will always reposition itself lower in the ledger before it's possible to sell against it.
2. There are multiple Bids of 1000+ NEO placed in the buy ledger to prevent a quick fall from occurring. Unlike the $813.600 bid, these amounts may be actual valid bids and sometimes DO satisfy Asks, but often are re-positioned lower if if there is sufficient downward market pressure.
3. There is a tremendous amount of activity going on in both ledgers even when there is ZERO volume. This is simply bots submitting and canceling bids to make it look like there is a lot going on. This isn't at all unique to NEO, however I've never seen a coin being controlled for such an extensive amount of time.
When will normal trading resume on NEOUSDT? I would love to hear some insight on WHY someone would be controlling NEO for this long, and who benefits from it? This isn't a typical whale accumulation since the price is usually driven UP before being held in place, and it's not a pump since there isn't strong upward force unless it drops below the average amount for the day.
A few minutes of watching the Bid ledger makes a few things obvious -
1. The bid of $813.600 is simply there as a bookend to help drive the bid up. It will move up and down with the current bid and will always reposition itself lower in the ledger before it's possible to sell against it.
2. There are multiple Bids of 1000+ NEO placed in the buy ledger to prevent a quick fall from occurring. Unlike the $813.600 bid, these amounts may be actual valid bids and sometimes DO satisfy Asks, but often are re-positioned lower if if there is sufficient downward market pressure.
3. There is a tremendous amount of activity going on in both ledgers even when there is ZERO volume. This is simply bots submitting and canceling bids to make it look like there is a lot going on. This isn't at all unique to NEO, however I've never seen a coin being controlled for such an extensive amount of time.
When will normal trading resume on NEOUSDT? I would love to hear some insight on WHY someone would be controlling NEO for this long, and who benefits from it? This isn't a typical whale accumulation since the price is usually driven UP before being held in place, and it's not a pump since there isn't strong upward force unless it drops below the average amount for the day.
Note
Right now there are more bids in place to keep NEO at it's present level then there are actual NEO in circulation. The Bid ledger on Bittrex currently has bids for over 100 million NEO, and only 50 million are currently in circulation that we know of. It's a possibility that the organization is using the 50 million NEO in their reserves to stabilize the price during this shaky market. I don't see how anyone else would benefit from it.
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