The cryptocurrency market remains buoyant following Donald Trump’s recent presidential victory on November 5. This event has driven Bitcoin (BTC) to reach a historic peak of $84,962, spurring rallies across various sectors of the market. Among these, First Neiro on Ethereum ($NEIRO ) experienced a remarkable 135% surge since November 5, achieving a new all-time high (ATH) of $0.0029. However, NEIRO is now undergoing a double-digit correction, diverging from the broader bullish trend in the market.
Is a Bounce-Back Likely?
Currently, NEIRO is trading at $0.002464 against USDT, finding support near the $0.002338 mark on the 3-hour chart. The price is forming a descending channel pattern—a setup often associated with bullish reversals. This pattern hints at potential consolidation ahead of a breakout.
Historically, similar descending channels in NEIRO's price chart have led to strong upward reversals, suggesting that this may be a temporary pullback. Should NEIRO breach the resistance line of this descending channel, it may ignite a renewed rally toward its recent ATH and potentially higher levels.
Technical Analysis
1. Support and Resistance Levels:
The immediate support level sits at $0.002338. A hold above this level could provide a firm base for an upward move.
The upper trendline of the descending channel is a key resistance level. A breakout above this trendline could propel NEIRO toward its ATH of $0.0029 and potentially beyond.
2. Relative Strength Index (RSI):
The RSI is currently at 49.82, reflecting neutral conditions. This positioning suggests that NEIRO is neither overbought nor oversold, allowing room for an upward move if momentum builds.
Increased volume accompanying a breakout could further signal bullish momentum.
Outlook and Next Steps
If NEIRO successfully breaks out of the descending channel, it may trigger another strong rally, with near-term targets at $0.0029 and potentially extending to $0.0030. However, if the price fails to surpass the resistance level and falls below the $0.002338 support, it could experience further correction toward lower support zones.
As NEIRO navigates this critical juncture, traders and investors should watch closely for volume and momentum signals that may confirm a trend reversal or continuation of the correction.
