$NEIRO /USDT Technical Analysis

Rising Wedge Pattern: The price action appears to be forming a rising wedge, a bearish pattern that often suggests a potential reversal. The price is nearing the upper boundary of this wedge, which indicates possible exhaustion of the current uptrend.

Volume Analysis: There is a noticeable divergence between the price increase and the decreasing volume. This weakening volume could suggest a lack of buyer conviction, increasing the likelihood of a breakdown from the wedge pattern.

Support and Resistance Levels:

Immediate support lies around $0.00160, which is the lower trendline of the rising wedge. If the price breaks below this level, a sharper correction could be expected toward $0.00150 or lower.Resistance is evident around $0.00220, as the price has been rejected from this area in recent attempts. Breaking this level convincingly could invalidate the bearish wedge, pushing the price higher.

Indicators: The chart shows strong rejection from the upper side of the wedge. This aligns with overbought conditions in some oscillators (not visible on this specific image but inferred from price action). Momentum seems to be shifting, which could lead to a pullback.

Summary:

NEIRO/USDT is currently at a critical point within a rising wedge. If it breaks below the support, a bearish correction is likely. However, if it breaks above resistance levels around $0.00220, the bullish momentum may continue. Traders should watch for volume confirmations and additional support at the lower boundary of the wedge.