$NEIRO
NEIRO/USDT chart TA across (1h and 4h) in detail:
General Overview (1h & 4h):
Price: NEIRO/USDT is currently trading at 0.00108537 USDT (1h) and 0.00108437 USDT (4h), showing a -7.5% decline in price.
Trend: The overall price movement suggests a consolidation phase after an initial uptrend. The price has corrected down after reaching a high of 0.00144343 USDT.
Volume: On-balance volume (OBV) shows significant activity with current levels at 489B (1h) and 849B (4h), indicating strong past participation but a slowdown in buying pressure.
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1h Chart Analysis:
Trendline & Pattern:
Support Levels: There’s a clear ascending trendline (green line), showing higher lows. This suggests that the buyers are maintaining control at these levels, preventing the price from falling sharply.
Resistance Levels: The price has hit a local resistance just around the 0.001137 level.
Potential Bullish Flag: There's a possibility of a bullish flag forming in the 1h chart. The upward flagpole is followed by a slight consolidation, and a breakout could push the price upward again.
Indicators:
MA & EMA:
MA(50) is at 0.00116880, and the price is trading below it, showing near-term weakness.
EMA(7) at 0.00109657 is acting as near-term support. A breakdown from here could indicate a short-term bearish outlook.
Stochastic (K/D):
K (54.78) and D (43.96) are near mid-levels, suggesting a possible bullish crossover if K rises above D.
RSI (6): The RSI is currently at 38.73, showing the price is nearing an oversold region. This could present a buy opportunity if it reverses.
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4h Chart Analysis:
Trendline & Pattern:
Trendline Support: The ascending trendline in this timeframe shows the price holding above support at 0.00045710 USDT. If this trendline holds, the market is likely to bounce higher from here.
Descending Channel: A slight descending channel formation is visible, suggesting the price may test the lower levels of support before moving higher. Watch for a breakout either way.
Indicators:
MA & EMA:
MA(50) at 0.00097994 is far below the current price, indicating that, despite the correction, the market is still above key support levels.
EMA(7) at 0.00112152 suggests that the price is under pressure to break upward.
Stochastic (K/D):
K (18.69) and D (22.15) in the 4h timeframe suggest oversold conditions, meaning a reversal might be near.
RSI (6): With RSI at 32.88, this indicates an oversold territory and potential for buyers to step in soon.
Entry, Stoploss, and Take Profits:
Long Entry:
Entry Point: Around 0.001080 (a bounce from the current levels supported by the ascending trendline and oversold RSI).
Stoploss: Below the previous low at 0.00103221 to limit downside risk, providing protection in case of a trendline breakdown.
Take Profit:
1. First Target: 0.00114000 (near the recent local resistance).
2. Second Target: 0.00120000 (if the price breaks out from the consolidation and bullish momentum resumes).
Short Entry:
Entry Point: If the price breaks below the support around 0.001080 and confirms, consider shorting.
Stoploss: Above 0.00112000 (the current EMA(7) level to avoid fakeouts).
Take Profit:
1. First Target: 0.001032.
2. Second Target: 0.000970 (MA(50) level on the 4h chart).
-Biased Opinion:
Based on the current oversold RSI levels and upward support trendlines, I hold a bullish bias for the near term, provided the support holds. The current price is trading close to support levels, and both the RSI and Stochastic suggest potential reversal areas. However, if the trendline breaks, the short setup would quickly become valid.if the price breaks above 0.001120, it could be a signal to enter a stronger bullish rally. Keep an eye on volume spikes for confirmation.
