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  • The holders of NEO before March 2018 will be getting a share of the $42 million in form of ONT tokens.
  • The 50 SMA has crossed above the longer term 100 SMA to signal the presence of buying pressure.

NEO price is making attempts to retrace higher after the market turned even more bearish on Tuesday. The 38.2% Fibonacci level has been very instrumental in holding the price and preventing further declines. NEO has dropped 5.39% on the day, but it is probable that the price will consolidate in bearish flag pattern before embarking on another upside movement.

In other news, all the holders of NEO before March 2018 will be getting a share of the $42 million in form of ONT tokens. Ontology has a market capitalization of $608 as per the data on CoinMarketCap. The Ontology website describes the blockchain project as “a new high-performance public blockchain project & a distributed trust collaboration platform.” Ontology released its mainnet on June 30, similarly, the network is swapping its tokens from NEO blockchain to Ontology blockchain. The Airdrop was first mentioned in March and will reward holders “for relevant cooperation and to support NEO community feedback.”

NEO price technical picture

Both the stochastic and the RSI on the 1-hour chart are showing bullish signals. The buyers are fighting for an entry, besides their eyes are glued on $38.00 while the critical resistance is at $40.00. The 50 SMA has crossed above the longer term 100 SMA to signal the presence of buying pressure. NEO/USD must maintain the support at $33.00 (around the 38.2% Fibo) to avoid testing July 29 lows below $30.00.

NEO/USD 1-hour chart