neiro Life and Death Line, a thin line between heaven and earth
After neiro peaked at 0.0007 on May 14, it showed weakness, dropping all the way down to 0.0004 before rebounding to 0.00065, and then continuing to decline. According to the chart, there are a large number of sell orders clustered around 0.00065-0.0007. These sell orders, based on on-chain data, show that most of the selling pressure comes from traders holding for over 90 days, which brings strong selling pressure from trapped positions at the top, particularly evident at this price level.
Currently, the daily view of neiro is not optimistic. The potential double top on the daily chart has led to a significant amount of short selling from short-term traders, becoming a strong pressure on neiro aside from the trapped positions. However, it appears that the last decline did not break below the 50% of the upward range and has formed a double bottom rebound, indicating that there are still continuous new traders and whales entering the market. At this point, whether neiro can return to the bullish momentum of the previous bull market crucially depends on one key level: around 0.0004. If it breaks below the double top neckline at 0.0004, the daily double top will form, and the strong selling pressure and long position stop losses will crush neiro's bullish defense line, which may lead to a risk of retracing to 0.0002. However, if the bottom accumulation trend formed at the hourly level successfully defends, neiro is expected to form a large convergence pattern, with an upside target of 0.0009.
In other words, as long as neiro does not break below 0.0004, the bullish trend remains intact, supported by strong bullish fundamentals. If it breaks below 0.0004, the bullish trend will completely collapse. At that time, please exit quickly to avoid being trapped.
neiro spot strategy: If you already hold spot and are in profit, you can continue to hold long as long as it does not break below 0.0004. If it breaks below 0.0004, immediately take profits and exit, and wait for a suitable retracement to re-enter.
If you want to buy neiro, the current position is evidently not good. It is recommended to buy in batches at the daily level around 0.618 and the Vegas slow track.
That is: buy in batches between 0.00052-0.00042 to build positions, take profits at 0.0009 as appropriate, and set a stop loss at 0.0004. The risk-reward ratio is 3, which is very favorable.
