As a seasoned researcher with years of experience in the volatile world of cryptocurrency, I have learned to navigate the rollercoaster of market fluctuations with a calm and analytical mindset. Today, I find myself scrutinizing the performance of NEIRO/USD, a coin that has caught my attention due to its recent price drop.
The buying momentum didn’t last throughout the day, and some cryptocurrencies have reverted to a negative trend, as reported by CoinStats.
NEIRO/USD
The price of NEIRO has dropped by 5.13% since yesterday.
On the hourly chart, NEIRO‘s rate appears bearish and is approaching its local support at approximately $0.001133. If conditions remain unchanged until the end of the day, there could be a breakout leading to a potential drop towards the $0.001050 area.
Looking at the broader perspective, I observed that the price of NEIRO seemingly breached yesterday’s candle’s highest point unnaturally. In other words, it appears to be a potential false breakout from my analysis standpoint.
Should the altcoin’s closing price be close to its lowest point, there’s a possibility that it could drop further to around $0.0010 – $0.00105 by the end of the week.
Looking from a midterm perspective, there aren’t numerous stages to consider as of now. Instead, it would be beneficial to concentrate on the weekly closing price in relation to the previous candle’s peak at $0.001038. If the weekly close falls below this point, bears might gain control.
NEIRO is trading at $0.001152 at press time.
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2024-09-24 18:55