- NEIRO faces strong resistance near $0.1100, with repeated rejections signaling selling.
- Support at $0.1000 is weakening as bearish pressure builds from frequent dips.
- Overbought oscillator and spiking volume suggest short-term correction may follow.
After a strong rally earlier in the week, NEIRO (on the Ethereum blockchain) entered May 13 under bearish pressure. The token, which recently crossed the $0.0006 mark, is experiencing noticeable volatility.
Despite touching new highs and surpassing a market cap of $250 million, the current trend shows a retreat. As of press time, NEIRO trades at $0.1026, reflecting a daily decline of 5.62%. The token’s price action suggests a tug-of-war between bullish enthusiasm and heavy profit-taking.
Resistance Zones Testing Investor Confidence
Significantly, NEIRO has struggled to push through resistance levels around $0.1100 to $0.1110. Price attempts at these levels were repeatedly reversed, hinting at solid selling interest. Another critical barrier stands at $0.1098. This mark has played a psychological role throughout the day, reinforcing bearish sentiment.
Each time NEIRO approaches these zones, sellers seem to take charge. This behavior suggests cautious optimism among investors, many of whom may be securing gains after the recent surge. If buyers can gather enough momentum to break above these thresholds, it could ignite another upward run. Until then, resistance levels remain dominant.
Support Holding but Cracking
On the downside, NEIRO finds some support near $0.1000. This level acts as a strong psychological anchor, with buyers stepping in multiple times to defend it. However, dips toward this range have grown more frequent, reflecting fading bullish strength.
A weaker intraday support zone between $0.1020 and $0.1025 has already been breached. This led to the current downward slide and raises concerns about continued weakness. If the token breaks below the $0.1000 line, a deeper correction may unfold in the coming days.
Trading Activity and Momentum Indicators
NEIRO’s 24-hour trading volume has surged by 94.02%, now standing at $52.32 million. This spike indicates a highly active market, likely driven by traders reacting to sharp price changes. Interestingly, a large buy-side volume burst of 207.82 million was observed, signaling interest from bullish participants.
The stochastic oscillator, currently around 86.94, points to overbought conditions. Hence, a short-term price pullback seems likely unless new momentum steps in.
