New Highs on the Horizon?
NEIRO recently saw a breakout beyond a key horizontal resistance level, signaling potential bullish momentum in the cryptocurrency market.
Prominent analyst CryptoBull_360 shared his perspectives on X (formerly Twitter), emphasizing the importance of this price action. He mentioned a #NEIRObreakout of horizontal resistance” and expressed expectations for new highs “very soon.”
This analysis explores the chart details and breaks down the implications of this resistance break for NEIRO’s price trajectory.
NEIRO Technical Analysis: Breaking the Horizontal Resistance
According to the chart, NEIRO price successfully broke above a horizontal resistance level marked by a green highlighted zone at the top of the trading range. This move is often seen as a change in market sentiment, where previous selling pressure at this level has been overcome by buyers, potentially establishing a new price floor.
The breakout suggests a transition from a consolidation phase, where NEIRO was trading within an established range, to a more bullish environment where the price could seek new highs.
The recent surge in NEIRO price beyond this resistance aligns with CryptoBull_360’s outlook. As the resistance turns into potential support, the market may continue to attract interest from buyers who see the breakout as a signal for further gains.
Image Source: X/CryptoBull_360 Support Zones Established
The chart also identifies two primary support zones that may influence future price movements of NEIRO. The first support level, located near the lower end of the range, acted as a key demand level, halting a previous decline and encouraging a reversal.
The second support zone aligns closely with the recently broken resistance level. If NEIRO price revisits this level, it could serve as a solid base, reinforcing the bullish sentiment associated with successful support/resistance flips.
These zones create a base for the NEIRO price, with the lower zone representing strong demand and the upper zone potentially becoming a new support level, supporting the price in the event of a pullback.
