NEO price analysis: NEO/USD locked in a range amid growing bearish pressure

• NEO has been trading in a tight range since the end of September.
• The upside momentum has faded away on approach to the upper boundary of the channel.

NEO, currently the 22nd largest coin with the total market value of $500 million, has gained about 1.2% in recent 24 hours to trade at $7.0 at the time of writing. Since the beginning of Friday, NEO/USD has lost 2.3%. The coin is marginally below the levels registered at the beginning of the year,. The annual losses exceed 58%.

NEO/USD, the technical picture

Looking technically, NEO/USD stays in a tight range, limited by $7.00 on the downside and $7.80 on the upside, Several attempts to push the price below the channel support yielded no results, which means this barrier may stop the sell-off. However, if it is broken, the downside momentum may gain traction with the next focus on $6.70. This is the lowest level since September 25 and the lower boundary of February range that served as the jumping-off ground for a sustainable recovery.

On the upside, the initial resistance is created by the middle line of the daily Bollinger Band at $7.40. Once it is out of the way, the upside is likely to gain traction with the next focus on  the upper boundary of the said range, strengthened by the upper line of the daily Bollinger Band. The next resistance awaits us at $8.25 (SMA50 (Simple Moving Average) daily chart).  

NEO/USD, a daily chart