Looking at the NIL chart, the current price is hovering around 0.0739. The issue is that it has already dropped below the 7-day moving average (0.0747). What's more troublesome is that the 25-day MA is at 0.0764 and the 99-day MA is at 0.0863—all acting as overhead resistance, which doesn't look great for the short-term technicals.

The price recently tested around 0.0720, hitting the latest low and then bouncing back. Looking further down, the 0.072 level needs to hold; if it breaks, the next structural support is likely in the 0.06 to 0.065 range.

But there’s still a chance for a turnaround. If it can decisively reclaim the 0.076-0.086 region (which means taking back the 25-day and 99-day moving averages), the bearish pressure will ease significantly, and at that point, 0.09 or even 0.10 could be tested.

The trading volume is interesting—there was a spike during the dump, and recently there are signs of recovery, but selling pressure still dominates. Simply put, until those key moving averages are reclaimed, the trend remains bearish. That’s just how the technicals are.