NEIRO Faces Bearish Phase with 47% Price Drop Risk
The most important points summarized:
NEIRO faces a potential price drop of up to 47%. Current market data indicates a bearish sentiment, supported by increased selling activity and declining funding rates. The token’s consolidation phase may soon end, potentially leading to further price declines.
NEIRO in a classic bearish formation
NEIRO is currently in a classic bearish market structure. After a significant price drop, the token entered a consolidation phase. Such phases often indicate that the market is preparing for another downward trend. If NEIRO breaks out of this phase, the price could fall by up to 47.78%, reaching a critical support level at 0.000102899. This level was last tested during a major price surge in October.
Currently, NEIRO has recorded gains of 11.86% in November. However, a further decline would wipe out all monthly gains achieved so far.
Sellers dominate the market
Data from IntoTheBlock shows that sellers (bears) currently have the upper hand. Over the past seven days, the number of active sellers increased to 70, while buyers (bulls) stagnated at 63. These figures are based on trading volumes where individual market participants account for more than 1% of the total volume.
Additionally, the total number of wallet addresses holding NEIRO has increased while the price has fallen. This suggests that many investors are gradually selling off their holdings, further increasing downward pressure on the price.
Declining funding rates amplify bearish sentiment
Data from Coinglass indicates that the weighted funding rate for NEIRO has dropped to 0.041%. This rate is used to measure the balance between long and short positions in futures contracts. A decrease in the funding rate signals that market sentiment is becoming increasingly bearish.
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This trend could push buyers out of the market while sellers take control. The combination of declining funding rates and increased selling activity suggests that NEIRO could lose further value in the near future.
Our assessment
Current market data and trends suggest that NEIRO is heading toward further downward movement. The bearish sentiment is reinforced by selling pressure, a rising number of wallet addresses, and declining funding rates. Investors should monitor the situation closely and keep an eye on potential support levels to make informed decisions.
Sources:
No sources available.
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