NEIRO witnessed a dramatic price decline of 12.68% in recent trading, following an impressive rally that saw the token surge to its all-time high. The price retraced from $0.00064218 to $0.00055872, prompting concerns among traders and casting a shadow on the market’s outlook. 🤯
The rapid drop follows NEIRO’s exit from a tight trading range and its breakthrough of resistance levels. The price surged for several days before strong selling pressure ultimately led to the decline.
Technical indicators suggest that the token was likely overbought during its upward rally, as prices breached above their Bollinger Band midline. Reaching the upper band at $0.00067950 intensified selling pressure, leading to a significant price correction.
Currently, NEIRO is nearing the middle Bollinger Band level at $0.00037747. This crucial level serves as a focal point for traders looking to gauge if the sell-off will intensify or stabilize.
Despite the drop in prices, active trading on Binance indicates that NEIRO remains under close scrutiny by both short-term and long-term investors.
While technical indicators suggest caution after an extended period of buying activity, the MACD remains above its signal line but with a flattening histogram. This suggests a potential shift in momentum or a period of consolidation before any significant price movement.