The crypto market continues to rise following Donald Trump's election victory on November 5, with Bitcoin setting a new all-time high of $84,962.
Bullish Trend in Crypto Market
Following Bitcoin's surge, several memecoins have shown significant rallies. Notably, First Neiro on Ethereum (NEIRO) rallied by 135% since November 5, reaching a new all-time high of $0.0029. However, NEIRO is currently experiencing a significant correction, moving contrary to the broader market's bullish trend.
NEIRO Technical Analysis
On the current 3-hour chart of NEIRO/USDT, NEIRO is trading at $0.002464, having taken support around the $0.002338 level. The price is forming a descending channel, a common bullish reversal pattern, indicating potential consolidation before a breakout. Historically, these patterns have led to strong upward breakouts, suggesting a temporary pullback. Breaking the downtrend resistance line of this channel could trigger a bounce-back rally to the previous all-time high and beyond.
What to Expect Next?
If NEIRO manages to break out of the descending channel, it could initiate another strong rally with targets approaching recent highs at $0.0029 and possibly extending towards the $0.0030 level. However, if the price fails to break above the resistance and dips below the support at $0.002338, further correction towards lower support levels may occur.
The crypto market shows robust growth, driven by several positive factors. Investors should remain cautious and monitor technical indicators for informed decision-making.
