---$NEIROETH
NEIROETH/USDT Price Analysis
Current Price: $0.0765 (+35.64%)
Support Zone: $0.0542
Resistance Zones:
1. Immediate Resistance: $0.0777 – $0.0800
2. Major Resistance: $0.1000 – $0.1200
Market Overview: NEIROETH/USDT is showing a notable gain of over 35% in the last 24 hours, with its price testing key levels of resistance. Despite the recent bullish momentum, the 4-hour chart reveals a clear pattern of lower highs (LH) and lower lows (LL), signaling a possible continuation of the downtrend unless there’s a decisive breakout.
Price Pattern Breakdown:
Lower Highs (LH) and Lower Lows (LL): The chart displays consistent LHs and LLs, reflecting a bearish structure. This indicates that sellers remain in control, and the price action is primarily consolidating below the immediate resistance zone.
Support and Resistance: The resistance zone between $0.0777 and $0.0800 has acted as a barrier multiple times. If the price fails to break above this level convincingly, it might see another decline towards the support level around $0.0542.
Key Levels to Watch:
Support at $0.0542: This level has provided strong support in the past and could act as a pivotal buying zone if the price pulls back.
Resistance at $0.0777 – $0.0800: A break above this range could invalidate the bearish LH/LL pattern, opening the door for a move toward the major resistance zone at $0.1000 or even $0.1200.
Volume and Momentum: Traders should pay close attention to volume. If the breakout occurs with increased buying volume, it could confirm the bulls regaining control, pushing the price higher. However, a lack of volume may lead to a rejection at resistance and a further decline.
Conclusion: NEIROETH/USDT is currently at a critical juncture. Although it has gained over 35% recently, the formation of lower highs and lower lows suggests that a bearish structure is still intact. For the bulls to take over, a breakout above $0.0800 with strong volume is essential. Failure to do so may lead to a revisit of the $0.0542 support level, presenting an opportunity for traders looking to buy the dip.
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