Will NEIRO Recover? Technical Indicators Point to Bearish Continuation

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.

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.

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.

The full analysis and trade strategy were posted on www.ecoinimist.com.