NEIRO, a token that recently experienced a significant price drop, has entered a consolidation phase as market sentiment turned increasingly bearish, with many traders actively selling the token. Over the past week, NEIRO faced a tough time, with its value dropping by 13.73% on the charts. However, it soon recovered with a 1.33% uptick and is currently trading within an accumulation phase. According to AMBCrypto, the ongoing bearish pattern of NEIRO might be in line with the broader market’s recent sell-off, indicating the possibility of more downward pressure in the future.
NEIRO is currently following a classic bearish pattern, characterized by a price drop, consolidation, and a potential further decline. After recording a drop on the charts, the altcoin is now in a consolidation phase. It is expected to face a significant decline, potentially falling by 47.78%, which would bring its price down to the key support level at 0.000102899. This level was last seen during a major rally in October, and if this scenario unfolds, NEIRO will erase all of its November gains. As of now, the altcoin has accrued gains of 11.86% over the month.
Recent metrics from IntoTheBlock indicate that bears (sellers) are currently dominating the market over bulls (buyers), with more sellers active. The number of bears has risen to 70 over the last seven days, while bulls remain at just 63. This imbalance in buyer-seller activity suggests a higher level of selling in the market, leading to a downward price movement. Additionally, the total number of addresses holding NEIRO has increased as the crypto’s price fell, indicating that many addresses holding the asset have been gradually selling their holdings, contributing to the bearish trend.
Coinglass’s data reveals that the OI-weighted funding rate for NEIRO dropped to 0.041% on the 8-hour interval chart. The OI-weighted funding rate adjusts the funding rate in perpetual futures contracts based on the distribution of open interest between long and short positions. A drop in the funding rate suggests a shift in market sentiment towards bearishness, pushing more buyers out of the market and allowing sellers to take advantage of the situation. If these trends persist, NEIRO may break out of its consolidation phase and experience further declines in the near future.
In conclusion, NEIRO’s recent price drop and consolidation phase have been influenced by bearish market sentiment and increased selling activity among traders. The altcoin is currently following a classic bearish pattern and may face a significant decline in the coming days. With bears dominating the market and the funding rate pointing towards bearishness, the outlook for NEIRO is uncertain. Traders and investors should closely monitor market trends and developments to make informed decisions regarding their NEIRO holdings.
