NEBL Technical Analysis: Wedge Breakout May Skyrocket NEBL Prices

NEBL price reversal from the resistance trendline of the wedge pattern indicates that altcoin would further continue to consolidate within this pattern. Key technical points: The NEBL price range narrowing within the falling wedge pattern The 20-day EMA gives dynamics resistance to NEBL price The 24-hour trading volume of Neblio is $473,818, indicating a hike of 1116%. 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...