NEIRO experienced a sharp 12.68% drop in the latest trading session, following a steep upward rally that had pushed the token to a local high. The price reversed from $0.00064218 to $0.00055872, sparking fresh concerns among traders.
Immediately after NEIRO moved out of a narrow range and reached new resistance levels, it declined rapidly. For several days, prices rose until strong selling forced them down.
Trading above its Bollinger Band midline while the rally happened would indicate that the token was overbought. With the price hitting the upper band at $0.00067950, the pressure to resist pushed prices down.
Presently, NEIRO is close to the middle Bollinger Band at $0.00037747. This level is being watched closely as traders attempt to determine if the sell-off will extend or stabilize.
Demand is still apparent as the price moves above the noticeable zone at $0.00055854. At the same time, a sell wall at $0.00067950 is hindering any short-term advancements.
Despite the fall in prices, there is still active trading on Binance. This suggests that NEIRO is still under close watch by both short-term traders and long-term holders.
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Technical Shift Raises Caution Across NEIRO Market
Momentum indicators are signaling caution after days of sustained buying. The MACD remains above the signal line, but the histogram has flattened.
The pace of the bullish trend appears to be decreasing, and if nothing changes, NEIRO may continue moving downwards.
This red candlestick has followed an upswing, suggesting that the trend may change. Price has reached its previous breakout highs and may rise further or drop to a lower level.
Source: Tradingview
Bollinger Bands show that the market is more volatile now. Experienced traders are now looking to the lower band to identify if the trend may continue moving lower.
While the drop occurred, the company’s 20-day moving average is increasing. Nonetheless, we are seeing a weaker price level, which has made many investors doubt a quick rebound.
NEIRO’s 12% drop has caused investors to fear that the market’s mood could be shifting. Since prices have suddenly fallen, the market is now showing signs of consolidation.
Also Read: It’s Not Dumping Its Discipline — Expert Breaks Down Why Ripple Escrow Could Be Explosive for XRP
