2024-11-10 13:00

NEIRO recently saw a breakout beyond a key horizontal resistance level, signaling potential bullish momentum in the crypto market.

Prominent analyst CryptoBull_360 shared insights on X (formerly Twitter), emphasizing the significance of this price action. He mentioned a “#NEIRO breakout from horizontal resistance” and expressed expectations of new highs “very soon.”

This analysis explores the chart’s details and breaks down the implications of this resistance break for NEIRO’s price trajectory.

NEIRO Technical Analysis: Breakout from Horizontal Resistance

According to the chart, NEIRO’s price successfully broke above a horizontal resistance level marked by a green highlighted zone at the top of the trading range. This move is often seen as a shift in market sentiment, where previous selling pressure at this level has been overpowered by buyers, potentially establishing a new price floor.

The breakout suggests a transition from a consolidation phase, where NEIRO traded within a set range, to a more bullish environment where the price could pursue new highs.

The recent surge in NEIRO’s price beyond this resistance aligns with CryptoBull_360’s outlook. As resistance transforms into potential support, the market may continue attracting interest from buyers who see the breakout as a signal for further gains.

Image Source: X/CryptoBull_360 Established Support Zones

The chart also identifies two primary support zones that may influence NEIRO’s future price movements. The first support level, located near the lower end of the range, acted as a key level of demand, stopping a previous decline and fostering a reversal.

The second support zone aligns closely with the recently broken resistance level. Should NEIRO’s price revisit this level, it could serve as a solid base, reinforcing the bullish sentiment associated with successful support/resistance flips.

These zones create a foundation for NEIRO’s price, with the lower zone representing strong demand and the upper zone potentially converting into a new support level, supporting the price in case of a retracement.

Read Also: Trader Expects Massive Pumps For Notcoin (NOT) Price in ‘Coming Days’

Positive Sentiment from Analysts

CryptoBull_360’s tweet reflects a positive outlook on NEIRO’s potential to achieve new highs following the breakout. By breaking through horizontal resistance, NEIRO’s chart setup has evolved to indicate a more optimistic forecast, suggesting room for additional growth if buyers continue supporting the price. The bullish sentiment highlighted by CryptoBull_360 aligns with the chart’s technical indicators, underscoring the potential for NEIRO to sustain its upward movement.

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The post NEIRO Price Breaks Key Resistance Level – Are New Highs on the Horizon? appeared first on CaptainAltcoin.

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