First Neiro on Ethereum (NEIRO) has seen a price pump of 10.77% over the past day, making it the top gainer in the market today. This rise follows a technical breakout from a descending channel pattern that has fueled renewed buying interest.
MarketSpotter, a prominent analyst on X, shared with his 46.8k followers that the NEIRO price exploded completely after surpassing a key resistance level, and the bullish momentum appears likely to continue, with some expecting a temporary liquidity grab before further gains.
NEIRO Chart Analysis: Breakout from a Descending Channel
NEIRO’s price movement on the 2-hour chart highlights a significant breakout from a descending channel. Before the breakout, NEIRO had been consolidating within the channel, fluctuating between the upper and lower trendlines.
Moreover, such patterns often indicate a pause in market movement, but once the price breaks above the upper boundary, a strong upward move is typically expected.
Following this breakout, NEIRO’s price experienced a rapid surge, pushing it beyond previous resistance levels and signaling that bullish sentiment has returned. Breakouts from descending channels are known for their ability to trigger upward momentum, and NEIRO’s recent price action follows this technical pattern closely.
Celebrate Dogecoin and Make Big Gains with Doge2014!
Doge2014 raises 500K in days celebrating Dogecoin. Make potentially big profits and get in on exclusive airdrop!
Show more +Strong Rally and Liquidity Grab Potential
After the breakout, NEIRO’s price experienced a steep rally, with a large influx of buying pressure propelling the token to higher price ranges. The quick movement has drawn the attention of traders and investors alike.
In his tweet, MarketSpotter stated that the rally has been significant, though he expects a brief liquidity grab before NEIRO resumes its upward trajectory.
A liquidity grab often occurs when the price experiences a short-term pullback, temporarily attracting sellers, only to reverse direction and continue upward. This behavior is typical after a sharp rally, providing an opportunity for the market to consolidate before attempting higher price levels again.
Read Also: Fantom (FTM) Price Set For Rally? Expert Predicts New All-Time High ‘Very Soon’
Key Support and Resistance Levels
With NEIRO trading in higher ranges, the breakout above the descending channel has shifted previous resistance levels into potential support zones. The upper boundary of the previous channel now serves as a key support level that could help sustain any pullbacks.
On the upside, NEIRO faces potential resistance at psychological price points, particularly near $0.0020, where traders may look to take profits. A break above this level could open the door for further gains, driving NEIRO’s price even higher in the coming days.
Furthermore, market analysts remain optimistic about NEIRO’s prospects. The bullish sentiment has been reinforced by the strong technical breakout, and with a potential liquidity grab on the horizon, the market may be positioning itself for another leg up.
Traders are closely monitoring key levels for potential buy opportunities as NEIRO continues to lead the market in gains. NEIRO’s recent price action reflects a strong technical setup that could drive its price further, particularly as market interest grows following the breakout.
Follow us on X (Twitter), CoinMarketCap and Binance Square for more daily crypto updates.
Get all our future calls by joining our FREE Telegram group.
We recommend eToro
Active user community and social features like news feeds, chats for specific coins available for trading.
Wide range of assets: cryptocurrencies alongside other investment products such as stocks and ETFs.
Copy trading: allows users to copy the trades of leading traders, for free.
User-friendly: eToro’s web-based platform and mobile app are user-friendly and easy to navigate.
Source link
