Date: Mon, Nov 11, 2024, 05:48 PM GMT
The crypto market continues to ride a wave of bullish momentum sparked by Donald Trump’s election victory on Nov 5. Bitcoin (BTC) has reached an impressive new all-time high of $84,962.
Following this surge, several memecoins have started significant rallies, including First Neiro on Ethereum (NEIRO), which made a solid 135% rally since Nov 5, reaching a new all-time high (ATH) of $0.0029. However, after this impressive rally, NEIRO is currently experiencing a double-digit correction today, moving opposite to the broader bullish market trend.
Is a Bounce Back On the Horizon?
Looking at the current 3-hour chart of NEIRO/USDT, NEIRO is trading at $0.002464, having taken support around the $0.002338 level. The price is now forming a descending channel, a common bullish reversal pattern, which indicates potential consolidation before a breakout.
In the past, similar descending channels on the chart have resulted in strong upward breakouts, suggesting that this could be a temporary pullback. If NEIRO breaks above the downtrend resistance line of this descending channel, it could trigger a bounce-back rally towards the previous all-time high and beyond.
Technical Outlook
- Support and Resistance Levels:
- Immediate support is seen at $0.002338. If this level holds, it could serve as a strong base for a potential bounce.
- The key resistance to watch is the upper trendline of the descending channel. A breakout above this line could drive the price back to the $0.0029 ATH level and possibly higher.
- RSI:
- The Relative Strength Index (RSI) is currently at 49.82, indicating neutral conditions. This suggests the asset is neither overbought nor oversold, leaving room for a potential upward move.
- A noticeable increase in volume during a breakout would further confirm bullish momentum.
What to Expect Next?
If NEIRO manages to break out of the descending channel, it could initiate another strong rally, with the next targets being the recent highs at $0.0029 and potentially extending towards the $0.0030 level. However, if the price fails to break above the resistance and dips below the support at $0.002338, we might see further correction towards lower support levels.
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