The cryptocurrency market is beginning to recover slightly after a sharp decline, with NEIRO showing signs of positive changes.
Market Recovery
The cryptocurrency market is demonstrating a slight recovery following a recent sharp decline. Ethereum (ETH) has bounced back to around $3,750 after hitting a low of $3,357. Among other cryptocurrencies, several memecoins have also started to rebound.
NEIRO's Harmonic Patterns
NEIRO is showing positive changes and is forming a harmonic pattern that may foreshadow significant upward movement. On the daily chart, NEIRO is forming a 'Bearish Butterfly' pattern, which, despite its name, may signal strong bullish continuations. The pattern began at point X (~$0.0003048) and moved through points A, B, and C before the recovery began. NEIRO has already reclaimed its 200-day moving average, indicating renewed strength.
Future of NEIRO
If NEIRO breaks above the 100-day moving average and continues to follow the harmonic structure, it could aim for the Potential Reversal Zone (PRZ) near $0.0008175, representing an impressive 109% upside from current levels. However, to maintain this bullish setup, NEIRO must hold key support at both the 200-day MA and the C point (~$0.0003585). Losing these levels could invalidate the pattern and delay any potential breakout.
The cryptocurrency market, including NEIRO, shows signs of recovery. However, monitoring key support levels is crucial for sustainable growth.
