Neiro (First Neiro On Ethereum)

Date: Mon, Nov 11, 2024, 05:48 PM GMTThe 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 <a href="https://coinsprobe.com/top-solana-memecoins-wif-and-bonk-surges-following-key-breakouts-what-to-expect-ahead/" rel="noopener noreferrer nofollow">memecoins </a>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.<img src="https://academy-public.coinmarketcap.com/optimized-uploads/4330359990674d08b18ed551debb25ad.png" />Source: Coinmarketcap<h3 id="is-a-bounce-back-on-the-horizon">Is a Bounce Back On the Horizon?</h3><img src="https://academy-public.coinmarketcap.com/optimized-uploads/962c06b39ea9406c9d6a12d94059670d.png" />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.<h3 id="technical-outlook">Technical Outlook</h3>1.Support and Resistance Levels:<ul><li>Immediate support is seen at $0.002338. If this level holds, it could serve as a strong base for a potential bounce.</li><li>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.</li></ul>2.RSI:<ul><li>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.</li><li>A noticeable increase in volume during a breakout would further confirm bullish momentum.</li></ul><h3 id="what-to-expect-next">What to Expect Next?</h3>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.Disclaimer: This article is for informational purposes only and not financial advice. Always conduct your own research before investing in cryptocurrencies.Also Read: <a href="https://coinsprobe.com/top-gaming-tokens-beam-gala-and-axs-faces-key-resistance-levels-what-to-expect-ahead/" rel="noopener noreferrer nofollow">Top Gaming Tokens BEAM, GALA, and AXS Faces Key Resistance Levels: What To Expect Ahead?</a>

First Neiro on Ethereum (NEIRO) Makes Double-Digit Correction: Is a Bounce Back On Horizon?

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