$NEIRO expected on Bearish

17 Sep

NEIRO shows a bearish pattern formation, specifically a Head and Shoulders (H&S) pattern, which typically indicates a reversal from a bullish to a bearish trend. Here’s a breakdown of the analysis based on the chart:

Head and Shoulders Pattern: The chart highlights a potential Head and Shoulders (H&S) formation, which, if confirmed, suggests that the price could drop further. The right shoulder has formed, and if the price breaks the neckline, the bearish signal will be confirmed.

Bearish Engulfing: A bearish engulfing pattern is seen, which supports the view that downward momentum is likely to continue. This indicates strong selling pressure that could lead to a decline in price.

Market Cap Analysis:

Before the significant drop, the market cap is at 149.43M.
After a predicted 8.3% drop, the market cap would be 137.03M.
If the price falls further (75.63% as indicated on the chart), the market cap could drop to around 35.66M.

Conclusion:
Given the bearish technical patterns (Head and Shoulders and Bearish Engulfing), combined with the potential for a significant market cap reduction, it would be prudent to exercise caution before considering buying or listing NEIRO. The technical indicators are suggesting that further downside is likely, and it might not be an ideal time to purchase or list the token unless there is a reversal in these signals.