In this latest $NEIRO chart, the price has now broken below the ascending channel, which is a significant bearish signal. Let’s break down the analysis based on what is visible:
Key Observations:
1. Current Price:
The price is now at $0.00144180, after falling from the upper part of the channel, marking a significant correction.
2. Channel Break:
The price has decisively broken below the lower boundary of the ascending channel, which usually signals the end of the uptrend and the start of either consolidation or a new downtrend.
3. Moving Averages (MA):
The MA7 ($0.00151424) and MA25 ($0.00170402) have both turned sharply downward, indicating bearish momentum.
The price is now trading well below the MA99 ($0.0018049), which suggests that even the long-term trend could be turning bearish unless there’s a quick reversal.
4. Support and Resistance:
The price is approaching the next potential support level at $0.00138827 (today's low), with the next significant support around $0.00116043 or $0.00076019 (the base of previous lows).
Immediate resistance now lies around $0.00160432 and further up around $0.00170402 (previous support levels).
5. Volume and Momentum:
There’s likely increased selling pressure, as indicated by the sharp downward move. If the selling continues with high volume, it could push the price further down.
Future Analysis:
Bearish Case:
With the price breaking below the channel, the bearish sentiment dominates. The next logical target could be the support levels around $0.00138827 and potentially $0.00116 or even lower.
Further bearishness could be confirmed by continued downward movement in the short-term MAs and a lack of strong buying volume to push the price back into the channel.
Bullish Case:
A quick reversal and recovery back into the channel could indicate that this was a false breakdown. However, this would need to happen swiftly, and the price would need to reclaim the $0.00160432 level for a chance to reverse the downtrend.
Watch for volume spikes indicating renewed buying interest at key support levels.
Conclusion:
Currently, the short- to medium-term outlook is bearish as the price has broken below the established channel. Unless the price can reclaim the channel or find strong support near $0.00138-$0.00116, further downside is possible. It’s essential to watch for any signs of reversal or increased buying volume at these levels.
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