NEBL Technical Analysis: Wedge Breakout May Skyrocket NEBL Prices 

Key technical points:

Past Performance of NEBL

NEBL prices witnessed a significant downfall during the April-May bloodbath and breached the March-bottom support of $0.36 on May 6th. The post-breakdown fall represented aggressive selling by six consecutive red candles, which tumbled the altcoin 63% lower to $0.1337. Following the downfall, the coin price started consolidating above the $0.133 mark representing a falling wedge.

Source- Tradingview

NEBL Technical Analysis

The NEBL price has been resonating within a falling wedge for more than a month. However, today, altcoin took its third reversal from the descending trendline and fell 12% on the intraday level. The MACD indicator shows the fast and slow lines moving higher despite consolidation in price action, indicating the buyers are wresting control of more sellers. This divergence encourages a breakout opportunity from the pattern’s descending trendline.

A bullish divergence and rising RSI slope accentuate positive improvement in traders' sentiment. Moreover, the indicator nearing a crossover above the midline gives an additional edge to long buyers. The traditional pivot level indicates $0.273(Pivot-P) and $0.414(R1) for a potential breakout from the wedge pattern. In a nutshell, the NEBL technical analysis forecasts an upcoming recovery rally as the buyers complete the falling wedge pattern.

Upcoming Trend

If the ongoing selling pressure persists, the NEBL price will threaten a breakdown from the $0.133 support. The resulting fall could slump the altcoin 25% lower to the $0.1 psychological mark. However, a falling wedge pattern is a bullish reversal pattern that would offer recovery opportunities for coin holders with a strong breakout from the descending trendline.

Resistance Levels: $0.118 and $0.26

Support Levels: $0.133 and $0.1