Among top gainers on Tuesday and in the past week, have been NEO, and its counterpart token on the NEO blockchain, GAS. NEO continued its gains by over 7% while GAS jumped 13% by the end of the trading day. The gains could be due to the NEON Exchange ICOwhich started on September 3rd.

About Neon Exchange (NEX) ICO

According to their website, NEX is a platform for high-performance decentralized exchange and payment. The exchange enables transfers across multiple blockchains such as NEO and Ethereum. Their payment service enables third-party smart contracts on NEO to send and receive global assets such as NEO and GAS as part of their computation. While NEX has received regulatory approval in Europe, their NEX tokens have not been registered under the United States Securities Act of 1933, which means if you are in the US, you probably won’t be able to take part in their ICO.

NEO and GAS Overview

As I've covered before, NEO, also known as China’s Ethereum,  is a blockchain platform that facilitates the development of digital assets and smart contracts. It has two native tokens; NEO and GAS. NEO is currently ranking 14 based on market capitalization, while GAS is at 76, with a total supply of around 17 million compared to the 100 million total supply of NEO.

From a technical standpoint, NEO/USD is rapidly approaching the daily Ichimoku cloud after completing a saucer bottom bullish reversal chart pattern. The pivot point is at 25.78.

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NEO/USD Technical Analysis

At the ICO launch, participants were able to contribute with NEO, GAS, or both NEO and GAS combined to receive NEX tokens according to the NEX press release. Round 1 of the sale started Monday, September 3rd on the first block after 18:00 UTC and will end Friday, September 7th on the last block before 18:00 UTC. Round 2 of the sale will start Monday, September 10th on the first block and end Friday, September 14th on the last block.