Looking at the updated $NEIRO/USDT chart, the following analysis can be made:
Key Observations:
Price Action:
The price has fallen below the midpoint of the ascending channel, suggesting increased bearish pressure.
There is a small bounce, but the price is still testing the lower half of the channel.
Moving averages:
MA7 (yellow) is crossing slightly below MA25 (pink), indicating short-term bearish momentum.
MA99 (purple) remains flat, indicating consolidation in the medium-term trend.
Volume:
Volume has increased to 149.63 billion, which could indicate growing interest, although the direction is still unclear. The bulls or the bears could take control depending on the follow-through.
Support and resistance:
Resistance: $0.0021 and $0.0023 remain critical resistance levels for any bullish move.
Support: The lower boundary of the channel, at around $0.0017, is crucial. A break below this level could signal further decline.
Future perspectives:
Bullish scenario:
If the price bounces strongly from the current level or the lower boundary of the channel ($0.0017), we could see:
Immediate target: $0.0020.
Next level: $0.0021 (upper range resistance).
Upper Target: Retest of $0.0023 or even $0.0031 depending on volume and momentum.
Bearish scenario:
If the price falls below the channel at $0.0017, it could trigger:
Immediate drop: to $0.0015.
Biggest downside: Towards $0.0013 or lower if bearish sentiment intensifies.
Indicators to take into account:
Moving averages: look for crossovers. A bullish crossover (MA7 > MA25) may signal a recovery.
Volume: High volume on downtrends could confirm bearish continuation.
Channel Support: A decisive move below $0.0017 could lead to a trend reversal.
Conclusion:
The price is approaching a critical support zone near the lower boundary of the channel. If the bulls can defend this level, there is a possibility of a bounce towards $0.002 or higher. However, a break below this support could signal further bearish action. Stay tuned for confirmation of either scenario.
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