Neiro Ethereum Price Plunges 15% As The Pepe Unchained ICO Closes On $10 Million

The Neiro Ethereum price plummeted over 15% in the last 24 hours to trade at $0.1219 as of 5:33 a.m. EST.
The NEIRO price is now down more than 39% over the past 7 days, though it remains up a stratospheric 797% over one month.

4-hour chart for NEIRO/USD (Source: GeckoTerminal)

The Neiro Ethereum Price Trapped In A Bearish Channel

The Neiro Ethereum price has been stuck in a descending price channel over the past few days after it printed a series of lower highs and lower lows during this period. NEIRO is still trading in this bearish channel, and is therefore at risk of losing the key support level at $0.1153 in the coming 24 hours.

Should NEIRO drop below $0.1153 through the course of the next trading day, it could be exposed to the risk of plunging to the next technical safety net at $0.0494 in the following 24-48 hours.

However, the Neiro Ethereum price maintaining a position above $0.1153 for the next 24 hours might prevent the bearish thesis from happening.

In this alternative scenario, the meme coin could try to break out of the medium-term descending channel. To do this, NEIRO will first have to close a 4-hour candle above the $0.1711 resistance.

Overcoming the $0.1711 threshold might give the Neiro Ethereum price the foundation needed to keep climbing in the short term. This could then result in the altcoin rising to as high as $0.2366.

Technicals Warn Bears Might Keep Pushing The Neiro Ethereum Price Down

From a technical perspective, indicators on NEIRO’s 4-hour chart warn the crypto might keep falling in the next 24 hours. Both the Moving Average Convergence Divergence (MACD) and the Relative Strength Index (RSI) indicators are flashing bearish.

RSI readings have dropped from 43 to 34 over the past 24 hours to indicate that NEIRO is currently oversold and that bears have the upper hand against bulls.
With the RSI line sloped negatively, it seems sellers still plan on exerting pressure on the Neiro Ethereum price in the coming 24 hours.

Meanwhile, the MACD line is positioned below the MACD Signal line. Traders generally see this orientation as a sign that a crypto is in a short-term negative cycle.
With the MACD Histogram values gradually falling deeper into the red, it seems NEIRO’s bearish momentum is picking up steam as well.