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Cryptocurrency News Articles

NEIROETH/USDT Analysis - 4H Chart Update

Oct 30, 2024 at 11:00 am

NEIROETH/USDT is testing a critical descending resistance trendline on the 4-hour chart. The price is currently challenging this trendline and moving closer to a significant resistance zone between $0.1100 - $0.1250.

NEIROETH/USDT Analysis - 4H Chart Update

Analysis of $NEIROETH price action on a 4-hour chart.

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Price: $0.0967

24h Change: +7.09%

NEIROETH/USDT is encountering a crucial descending resistance trendline on the 4-hour chart. The price is currently challenging this trendline and approaching a significant resistance zone between $0.1100 - $0.1250.

Key Levels to Watch:

1. Resistance Zone: If NEIROETH breaks above this descending trendline and maintains support above the resistance zone, we could observe further upward momentum. A breakout past $0.1250 may propel the price toward higher targets, potentially around $0.1500 and beyond.

2. Support Levels: Failure to break the resistance may lead to a retracement toward support levels around $0.0900 or even $0.0540, especially if there is increased selling pressure.

Trading Strategy:

Bullish Scenario: If the price successfully breaks and closes above the resistance trendline with high volume, this could serve as a good long entry signal. Key resistance targets to consider are $0.1250 and $0.1500.

Bearish Scenario: If NEIROETH fails to break the resistance and starts moving downward, waiting for a retest around the $0.0900 support level may offer a better entry.

Risk Management:

Stop Loss: When entering a long position, consider setting a stop loss slightly below the $0.0900 support level to manage downside risk.

Take Profit Levels: For conservative traders, scaling out around the resistance levels could be a prudent approach.

News source:www.binance.com

Disclaimer:info@kdj.com

The information provided is not trading advice. kdj.com does not assume any responsibility for any investments made based on the information provided in this article. Cryptocurrencies are highly volatile and it is highly recommended that you invest with caution after thorough research!

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