End Of The Road For NEIRO? Crypto Analyst Predicts Breakdown Below $0.13

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As a seasoned researcher with over two decades of experience in the financial markets, I have seen my fair share of market fluctuations and trends. The recent surge in NEIRO’s price has piqued my interest, but as I delve deeper into its fundamentals and technical analysis, I find myself leaning more towards a cautious stance.

NEIRO, a popular cryptocurrency, has experienced significant growth in the past week, with its value jumping approximately 400% based on CoinMarketCap’s data. However, looking ahead at potential future movements for this dog-themed meme coin, The Forex Mindset, a renowned crypto analyst, predicts a bearish trend. This analysis indicates that the price surge may have peaked and a correction in pricing could be on the horizon.

NEIRO’s Price Could Drop Below $0.13

In a post on TradingView, the Forex Mindset proposed that the price of NEIRO might fall below $0.13. The analyst pointed out that the volume blocks suggest a possible decrease in the meme coin’s value. Furthermore, he emphasized the correlation between NEIRO’s price and Bitcoin, advising investors to be cautious when investing in altcoins like NEIRO during Bitcoin bear markets.

End Of The Road For NEIRO? Crypto Analyst Predicts Breakdown Below $0.13

If Bitcoin continues to dip further, it strengthens the pessimistic viewpoint for NEOIR, as the meme coin may also experience a decline if Bitcoin falls below significant support thresholds. Additionally, The Forex Mindset has pointed out that NEOIR is currently overbought, with its Stochastic RSI standing at 100.

The current state of NEIRO being ‘overbought’ suggests it is currently overpriced and a price adjustment may happen soon. Meanwhile, a crypto analyst pointed out that significant investors, known as whales, will play a crucial role in deciding the next steps for the meme coin. They mentioned a “contraction” which prevents NEIRO from dipping below $0.14. This situation is expected to continue until these whales decide that the altcoin is prepared for this contraction, whether it happens above or below its current trend.

Over these whales appear quite optimistic about NEIRO, as data from on-chain analytics platform Lookonchain indicates that market maker Wintermute has amassed approximately 12.16 million NEIRO ($2.37 million) since Binance introduced perpetual contracts for the meme coin.

$1 Is Inevitable For NEIRO

Crypto expert Kong asserts that the price of NEIRO is destined to reach $1. Kong believes there’s no cause for pessimism about NEIRO, given its current price is less than its listing price on Bybit. Furthermore, Kong suggests that the surge for this meme coin hasn’t begun yet, but it will eventually rally towards $1. This upward trend is noteworthy because NEIRO would achieve a market capitalization of one billion dollars as it reaches this price point.

End Of The Road For NEIRO? Crypto Analyst Predicts Breakdown Below $0.13

Crypto expert Crypto Caesar expresses optimism about NEIRO, stating in a recent post that the meme coin appears “very promising” at its current value. He notes that the price has surpassed the previous resistance at $0.16 and is now expected to revisit this level as potential support. If the retest proves successful, it could indicate further bullish energy for the coin.

Currently, NEIRO is approximately priced at $0.172, marking a decline of more than 12% within the past 24 hours, as per information from CoinMarketCap.

End Of The Road For NEIRO? Crypto Analyst Predicts Breakdown Below $0.13

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2024-09-12 05:46