NEIRO Price Analysis: Bearish Pressure Grows as Resistance Levels Approach
$NEIRO has been showing some signs of consolidation on the 1-hour chart. Closing prices have been pretty stable, but there's a noticeable lean towards a bearish sentiment. Recently, the meme coin recorded closing prices of $0.00102854, $0.00101866, $0.00101033, $0.00101863, and $0.00101978, indicating a slight decline in momentum and hovering near key support levels.
The 9 EMA (Exponential Moving Average) is currently above the 20 EMA, but the gap between them is getting smaller, hinting at weakening bullish momentum. Right now, the 9 EMA values are at $0.00104355, dropping to $0.00102801 over the last five periods. On the other hand, the 20 EMA has been pretty stable, sitting around $0.00101960. The closing price is consistently below the 9 EMA, which suggests some short-term selling pressure.
While the 9 EMA indicates that thereâs still a bit of bullish momentum, the convergence of the 9 and 20 EMA raises a red flag for a potential bearish crossover, which could lead to further downside if it happens.
The MACD indicator is showing a bearish divergence, with the MACD line steadily falling from 0.00002832 to 0.00001615. The MACD histogram is also printing negative values, signaling that downward momentum is picking up. The MACD signal line is above the MACD line, reinforcing a bearish outlook on the 1-hour chart. This weakening MACD suggests that sellers are gaining control, and #NEIRO might face more downside pressure.
The nearest resistance is at $0.0010331, a level that the NEIRO price has had a tough time breaking through lately. If it manages to break above this, it could test the next resistance at $0.00107147, with $0.00109076 as the long-term target. But with the current weakening momentum, it might be a challenge for the bulls to push through these levels without stronger buying pressure. #Memecoins Read more on www.ecoinimist.com.