Analyst Captain Faibik shared an insightful tweet predicting a potential bullish breakout for Neiro. The token’s price chart reveals a key pattern, a technical setup often associated with trend reversals.
The anticipated breakout could result in a 40-50% price rally, sparking significant interest among traders. The Falling Wedge pattern observed on the NEIRO 4-hour chart is characterized by converging trendlines.
The price has been trading within these descending boundaries, with lower highs and lower lows indicating diminishing bearish momentum. This pattern is usually a signal of a potential reversal, often leading to a bullish breakout once the price breaks above the upper trendline.
The wedge’s upper boundary, currently between $0.00205 and $0.0021, acts as resistance. A breakout above this level could set the stage for a rally toward the target price of $0.0024. This aligns with Captain Faibik’s prediction of a 40-50% upside from the breakout level, which hovers around $0.0020.
What you'll learn 👉
Key Support and Resistance Levels
The chart identifies $0.0020 as a strong support level, with consistent price rebounds marking it as a critical accumulation zone. A minor support level at $0.0019 provides additional structure to the pattern, although the primary focus remains on $0.0020.
Resistance is defined by the wedge’s upper trendline. If the price surpasses this barrier, the post-breakout resistance target lies at $0.0024, which matches the measured move of the Falling Wedge.
Read also: Uniswap (UNI) Price Shows Bullish Potential After Recent Correction – Here’s the Outlook
Volume Trends and Momentum
Volume analysis reveals declining trading activity as the price consolidates within the wedge, suggesting reduced bearish pressure. A surge in trading volume during the breakout would confirm bullish momentum, validating the price rally.
Momentum indicators suggest that while current conditions remain neutral to slightly bearish, an upward breakout could trigger a robust bullish trend. This could align with the 40-50% price movement predicted by the analyst.
Price Targets and Projections
Short-term projections highlight a breakout target of $0.0024, representing a notable rally from current levels.
Captain Faibik’s analysis underlines the potential for NEIRO to deliver substantial gains, making it a token to watch in the coming days.
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