In this $NEIRO /USDT chart, the recent breakdown below the previous ascending channel suggests a bearish shift in trend. The price is currently moving downward, following the red-dotted descending trend line, which indicates ongoing selling pressure. Here’s an analysis based on the chart setup:

Key Observations:

1. Descending Channel:

The chart shows a clear downtrend with lower highs and lower lows. This trend line could act as resistance for any short-term price rallies.

2. Support and Resistance Levels:

The price is currently around $0.00127914, with support zones near $0.00076019 (long-term support) and minor support around $0.0010.

The breakdown of $0.00160432 support level further confirmed the bearish trend, making it an important resistance level if the price attempts to rebound.

3. Moving Averages (MA):

MA7 (Yellow) and MA25 (Pink) are sloping downward, showing that short-term momentum is in favor of sellers.

The lack of the MA99 on this timeframe may indicate that the long-term trend isn’t immediately clear on this chart, but the existing MAs signal weakness.

4. Volume:

A decreasing volume trend suggests a lack of strong buying support. For any reversal to be credible, volume would need to increase alongside a bullish move.

Future Analysis:

Bearish Scenario:

If the downtrend continues, the price could move toward the $0.0010 psychological level, with a deeper support test near $0.00076019.

This descending trend line may continue to act as resistance, pushing the price lower until there’s a break above it with volume.

Bullish Scenario:

For a bullish reversal, the price would need to break above the red-dotted descending trend line and ideally close above $0.00160432 to invalidate the current bearish structure.

This would also need to be accompanied by strong buying volume to confirm any potential trend reversal.

Conclusion:

The overall sentiment remains bearish as long as the price stays below the descending trend line. Traders may consider waiting for a clear breakout with volume before any bullish commitment, while short-term traders may find potential opportunities if the price nears key support levels.

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