Will NEIRO Recover? Technical Indicators Point to Bearish Continuation

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In the recent trading hours, NEIRO has struggled to regain its footing, exhibiting signs of bearish momentum as its price hovered around the $0.00109086 mark.

With the 9 and 20 EMAs significantly above the current closing prices, the downward trend appears to be gaining strength. NEIRO recently tested the $0.00104928 support level, with the next major support zone located at $0.00104243. Meanwhile, overhead resistance looms at $0.00116089, $0.00119664, and $0.00120115, creating formidable obstacles for any bullish recovery.

NEIRO Price Technical Analysis

The Relative Strength Index (RSI) fluctuated in the mid-30s, reflecting weakened buying pressure. An RSI below 40 often suggests that bears are dominating, leaving little room for bullish reversals in the short term. This aligns with the price action seen on NEIRO’s chart, as the crypto’s failure to break through the lower resistance levels suggests limited upward momentum for now.

Also read: Ethereum Price Analysis: Bulls Eye $2,705 as Bearish Signals Loom

Looking at the Moving Average Convergence Divergence (MACD), the indicator presents a further bearish signal. With the MACD line consistently below the signal line and the histogram remaining negative, NEIRO continues to experience downward momentum. The increasing separation between the MACD and its signal line suggests that bearish pressure could persist, making it challenging for the NEIRO price to initiate any significant bounce from current levels.

Potential Trade Strategies

For traders looking to enter a long position, waiting for a breakout above the $0.00116089 resistance would be prudent. However, the overall technical picture favors short positions, particularly if the NEIRO price breaks below the $0.00104928 support level. A short entry could target the next support at $0.00104243, with tight stop-losses placed just above key resistance levels to mitigate risk. Meanwhile, bullish traders may want to remain on the sidelines until clearer signs of a reversal materialize, such as a bullish MACD crossover or RSI breaking into the 50 range.

Also read: Cryptocurrency Faucet: A Beginner’s Guide to Earning Free Digital Coins

As it stands, the technical indicators point towards continued bearishness in the short term for NEIRO, making the upcoming sessions critical for traders to monitor closely.

Disclaimer: The information presented in this article is for informational and educational purposes only. The article does not constitute financial advice or advice of any kind. Ecoinimist is not responsible for any losses incurred as a result of the utilization of content, products, or services mentioned. Readers are advised to exercise caution before taking any action related to the company.

Author

Steven Walgenbach

Steven's passion for cryptocurrency and blockchain technology began in 2014, inspiring him to immerse himself in the field. He notably secured a top 5 world ranking in robotics. While he initially pursued a computer science degree at the University of Texas at Arlington, he chose to pause his studies after two semesters to take a more hands-on approach in advancing cryptocurrency technology. During this period, he actively worked on multiple patents related to cryptocurrency and blockchain. Additionally, Steven has explored various areas of the financial sector, including banking and financial markets, developing prototypes such as fully autonomous trading bots and intuitive interfaces that streamline blockchain integration, among other innovations.

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