$NEIRO Technical analysis of the NEIRO/USDT market:
1. Overall Trend Analysis:
Price Action: The market is currently on a downward trend with a significant price drop (-14.06% in 4-hour chart and -13.92% in 1-hour chart). This is indicative of bearish momentum.
Moving Averages:
4-Hour Chart: The price has dropped below key short-term moving averages (MA50, MA20). The convergence of moving averages suggests some consolidation but is currently pointing downwards.
1-Hour Chart: The price is also below the shorter-term moving averages, signaling further bearish momentum.
EMA: Both the 4-hour and 1-hour charts show the price breaking below the EMA, indicating potential continuation of the downtrend.
2. Support and Resistance:
Immediate Resistance:
4-hour chart: 0.0008188 USDT. The price has been rejected from this level a few times.
1-hour chart: 0.0008188 USDT, the same level, where some consolidation and rejection occurred.
Support Levels:
0.00076635 USDT: Identified as a key support level where the price bounced previously.
0.00071928 USDT: This is the latest local support observed in the chart, and if it breaks, it could lead to further decline.
3. Technical Indicators:
MACD (Moving Average Convergence Divergence):
On both charts, the MACD shows bearish momentum. The lines are below zero, and the histogram is negative, signaling a potential continuation of the downtrend.
RSI (Relative Strength Index):
4-hour RSI: Currently at 42.75, showing that the market is neither overbought nor oversold. There is still room for a further move down before oversold conditions are reached.
1-hour RSI: Currently at 40.45, indicating neutral to slightly bearish conditions. The market is not oversold yet, but it’s heading towards that direction.
4. Volume Analysis:
Volume (1-hour): Declining volume indicates that the strength of the current trend might be weakening, but the absence of buyers suggests that sellers are still in control.
OBV (On Balance Volume): On both charts, OBV is declining, indicating that there is more volume during down days, which further confirms the bearish bias.
5. Pattern and Trendlines:
Pattern:
Descending Triangle: There seems to be a descending triangle formation on both the 4-hour and 1-hour charts. A descending triangle typically indicates a bearish breakout if the support is broken.
Trendlines:
On both charts, there are clear downward trendlines connecting the recent lower highs. These trendlines suggest that bears are in control and pushing prices lower consistently.
6. Bearish and Bullish Bias:
Bearish Bias:
The current price action and technical indicators suggest a continuation of the bearish trend unless key support levels are broken. If the price breaks below the 0.00076635 support level, expect further downside.
Bullish Bias:
For a bullish reversal, the price needs to break above the 0.0008188 resistance and close above the 0.0008 level with strong volume. Otherwise, any upward move may just be a correction.
7. Entry, Exit, and Targets:
Bearish Trade Setup:
Entry: Look for short entries if the price breaks below 0.00076635 USDT.
Stop Loss: Set a stop loss slightly above the 0.0008188 USDT resistance.
Take Profit (TP):
TP1: 0.00071928 USDT (nearest support).
TP2: 0.00067635 USDT (next support).
Bullish Trade Setup (if reversal happens):
Entry: Only consider long positions if the price closes above 0.0008188 USDT with strong volume.
Stop Loss: Set a stop loss below the 0.0008 USDT area.
Take Profit (TP):
TP1: 0.00085000 USDT (next resistance).
TP2: 0.00090000 USDT.
8. Conclusion:
Currently, the overall sentiment and technical indicators favor a bearish bias. However, traders should keep an eye on the 0.0008188 USDT resistance and 0.00076635 USDT support for any potential breakout or breakdown.
