On this updated chart of $NEIRO , we see a strong breakout above the former descending trendline and ascending channel. Price is now moving with strong momentum, as shown by recent candlestick formations and increasing volume. Here are the key points of the current analysis:

Key Observations:

  1. Breakout of the Downtrend:
    The price has successfully broken through the red dotted descending trendline, which previously served as resistance. This breakout is a bullish signal, indicating a potential trend reversal from bearish to bullish.

  2. Channel Retest and Continuation:
    This breakout also brings the price back into the large ascending channel. This return to the channel could allow a continuation of the uptrend, provided that buyers remain in control.

  3. Support and Resistance Levels:
    The price is approaching the last high near $0.00246000, which could act as immediate resistance.

    If this level is broken, the next resistance could be around $0.00258145 (the upper boundary of the channel).

    On the downside, $0.00169087 could now act as support in case of a pullback.

  4. Moving Averages (MA):
    The MA7 (Yellow) and MA25 (Pink) moving averages are both trending upwards, indicating that short-term momentum favors buyers.

    The alignment of these moving averages supports the ongoing uptrend.

  5. Increase Volume:
    Volume has increased significantly, which shows strong buying interest. This is a positive signal for the continuation of the trend, as large moves are often accompanied by high volume.

    Analyse Future :

  • Bullish Scenario:
    If the price breaks above $0.00246000 and maintains its momentum, it could reach the upper boundary of the ascending channel, around $0.00258145.

    Further upward movement will depend on maintaining higher lows and respecting the channel trend.

  • Bearish Scenario:
    If price fails to break or sustain above $0.00246000, a pullback could occur towards the nearest support at $0.00169087.

    A break below this support level would be concerning for buyers, as it could indicate a loss of momentum and a possible return to the downtrend.

Conclusion :

The breakout and increasing volume suggest a bullish outlook in the short term. Traders can watch for sustained price action above $0.00246000 to confirm an upward continuation, while monitoring support levels in case of a pullback.

#NeiroOnBinanceb #CryptoNewss #AnalyseTechnique #10MTradersLeague #CryptoCommunitys