Despite Neiro (NEIRO)’s recent price drop, analysts and investors seem bullish on the memecoin. Some market watchers noted the cryptocurrency’s potential, suggesting the levels to watch ahead of the next bullish rally.
Neiro made the headlines three months ago after becoming an overnight sensation on the Ethereum Network. The memecoin was inspired by the newly adopted sister of Dogecoin’s inspiration, Kabosu.
The cryptocurrency has registered a remarkable performance during October, jumping 30% month-to-date (MTD). Moreover, the token saw an impressive rally towards its all-time high (ATH) price of $0.0022 two weeks ago, surging 4,600% in 30 days.
The memecoin’s bullish momentum also propelled its market capitalization (MC) near the $1 billion mark, reaching a $935 million MC on October 15, which fueled a bullish sentiment among market watchers.
However, Neiro’s price has declined since its most recent rally, trading 31.5% below its ATH. The Shiba Inu-themed memecoin registers a 10.3% drop in the past week, hovering between the $0.00132-$0.00170 price range.
Despite the price drop, analysts and investors remain positive above the cryptocurrency. Crypto Tony that the memecoin is another token that looks “really good” since the beginning of its bullish momentum in mid-September.
The analyst pointed out Neiro’s potential, suggesting that a small pullback from its recent levels could be a good entry point for investors ahead of an upcoming rally.
Is $0.0020 Or $0.0010 Next?
Since its all-time high, the cryptocurrency’s chart has displayed a downtrend, forming a broadening wedge pattern in the lower time frame, according to trader CryptoBull360. The market watcher that a successful breakout above the upper trendline could trigger a 25%-30% bullish rally for the token.
Another trader Neiro’s “situation on the chart is messy.” The trader stated that the token needed to break above the $0.00165 mark to continue its bullish trajectory and recover its ATH levels.
However, if Neiro is rejected instead, the token could see a 30% correction toward the $0.0010 support zone. The $0.00165-$0.00170 price range represented an important consolidation zone ahead of the token’s surge toward its ATH.
On Monday morning, Neiro’s price jumped 13.3% toward the $0.00170 resistance level. The token moved above the pattern’s upper trendline, signaling a breakout from its biweekly downtrend.
Nonetheless, the token couldn’t hold above the key resistance level and pulled back toward the $0.00154 support zone. Crypto analyst Sjuul from AltCryptoGems that the memecoin’s recent performance has been better than expected.
After “a longer manipulation” and reclaiming the $0.00150 level over the weekend, the analyst believes Neiro is ready to move toward higher resistance levels, potentially targeting the crucial $0.0020 mark again.
As of this writing, Neiro is trading at $0.00151, a 4% drop in the daily timeframe.
Neiro’s performance in the weekly chart. Source: NEIROUSDT on
Featured Image from Unsplash.com, Chart from TradingView.com
Rubmar is a writer and translator who has been a crypto enthusiast for the past four years. Her goal as a writer is to create informative, complete, and easily understandable pieces accessible to those entering the crypto space. After learning about cryptocurrencies in 2019, Rubmar became curious about the world of possibilities the industry offered, quickly learning that financial freedom was at the palm of her hand with the developing technology.
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From a young age, Rubmar was curious about how languages work, finding special interest in wordplay and the peculiarities of dialects. Her curiosity grew as she became an avid reader in her teenage years. She explored freedom and new words through her favorite books, which shaped her view of the world. Rubmar acquired the necessary skills for in-depth research and analytical thinking at university, where she studied Literature and Linguistics. Her studies have given her a sharp perspective on several topics and allowed her to turn every stone in her investigations.
In 2019, she first dipped her toes in the crypto industry when a friend introduced her to Bitcoin and cryptocurrencies, but it wasn’t until 2020 that she started to dive into the depth of the industry. As Rubmar began to understand the mechanics of the crypto sphere, she saw a new world yet to be explored.
At the beginning of her crypto voyage, she discovered a new system that allowed her to have control over her finances. As a young adult of the 21st century, Rubmar has faced the challenges of the traditional banking system and the restrictions of fiat money.
After the failure of her home country’s economy, the limitations of traditional finances became clear. The bureaucratic, outdated structure made her feel hopeless and powerless amid an aggressive and distorted system created by hyperinflation. However, learning about decentralization and self-custody opened a realm of opportunities. Cryptocurrencies allowed her to experience financial control for the first time and expand her financial education.
Moreover, the peculiar nature of the crypto community sparked Rubmar’s curiosity about the other layers of the industry. As a result, she found a particular interest in discovering the diverse perspectives of investors, market watchers, experts, and developers. Her attempts to better understand the crypto space made her realize the strong links of the community with other industries, enriching her perspective of the sector. As someone who spends most of her day online, Rubmar enjoys finding the points where the crypto world meets with her other passions and hobbies –or her favorite memes.
In her free time, she usually finds joy in different art forms. As a child, she enlisted in every extra-curricular activity in her hometown, including music classes, dancing, jewelry making, and the local chorus. Despite her many attempts to learn different instruments, Rubmar only knows how to play the xylophone, which she played for 7 years in her school’s marching band.
She also has a passion for learning new languages and cultures, having set the goal to learn another six languages – currently attempting to learn Italian and Korean. Scrapbooking, paper crafting, and bookbinding are her biggest interests outside of work, constantly taking classes and attending workshops to learn new techniques. The rest of her free time is spent stressing over football matches and transfer market news or feeding cats –hers or stray.
In summary, Rubmar seeks to present entertaining and educational pieces to be enjoyed by everybody, aiming to report on the latest news and offer a unique perspective while adding a meme or a pun whenever possible.
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