Neurashi Price Rebounds In Sharp Succesive Candlesticks

The NEIRO/USD price action on the hourly chart shows a strong bullish breakout, surging past key technical barriers and attracting fresh buying interest.

The Neurashi price has pumped 15% in the last 24 hours to trade at $0.007546 as of 12:20 a.m. EST on a 2% jump in trading volume to $4.5 million.

This sharp move comes as the cryptocurrency tries to breakout of a major resistance zone that could determine the next major move in price.

On the 4-hour chart, we can see that the price broke out of a bearish channel that it had been trading in since mid-August.

The price had tested the upper boundary of the channel several times but failed to break through until Monday.

Several times when the price tested the lower boundary of the channel, it was met by buyers, which ultimately catalyzed the breakout.

The breakout was also supported by a divergence in the Relative Strength Index (RSI) indicator, which usually trades in overbought territory but had a lower high on the last touch of the lower channel boundary.

This divergence signaled that the selling pressure was decreasing despite the fact that the price reached a lower low.

The breakout of the channel brought the price to a major resistance zone between $0.0075 and $0.0080.

This zone is defined by the 38.2% Fibonacci retracement of the last major rally and the 61.8% Fibonacci retracement of the last major decline.

The price tested this zone several times in July and August but ultimately failed to break through.

However, the sellers were unable to sustain the downward momentum and the price eventually bounced and clocked a new all-time high on August 13.

The sellers made one last attempt to push the price lower, but they were met by strong buying interest at the $0.0058 support zone, which is defined by the 23.2% Fibonacci retracement of the last major rally.

This buying interest ultimately stalled the downward momentum and allowed the price to bounce back up to retest the resistance zone at $0.0075 – $0.0080.

If the buyers can manage to push the price through this zone, then the next major resistance zone to watch out for is at $0.0088 – $0.0090, which is defined by the 50% Fibonacci retracement of the last major rally and the 50% Fibonacci retracement of the last major decline.

However, if the sellers manage to defend this zone and push the price lower, then the next major support zone to watch out for is at $0.0065 – $0.0068, which is defined by the 23.6% Fibonacci retracement of the last major decline and the 38.2% Fibonacci retracement of the last major rally.