• After a significant price drop, the token entered a consolidation phase
• Market sentiment turned increasingly bearish, with many traders actively selling NEIRO

Over the past week, NEIRO has faced a tough time, with its valued dropping by 13.73% on the charts. And yet, it soon recovered with a 1.33% uptick, with the altcoin trading within an accumulation phase at press time. 

According to AMBCrypto, its ongoing bearish pattern might be in line with the broader market’s recent sell-off. This suggested that NEIRO could see more downward pressure soon.

NEIRO trades within a classic bearish pattern

NEIRO, at the time of writing, was following a typical bearish pattern characterized by a price drop, consolidation, and then another decline. In fact, after recording a drop on the charts, the altcoin seemed to be consolidating.

After this consolidation phase, NEIRO can be expected to face a significant decline, one mirroring its initial drop but potentially falling by 47.78%. This would bring its price down to the key support level at 0.000102899.

NEIRO last traded at this level during a major rally in October. If this scenario unfolds, NEIRO will erase all of its November gains. 

At the time of writing, the altcoin had accrued gains of 11.86% over the month. 

Bears take over as participants sell for profit

Recent metrics from IntoTheBlock revealed that the market might be favoring bears (sellers) over bulls (buyers), with more sellers active. Over the last seven days, the number of bears rose to 70, while bul

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Author: Olayiwola Dolapo