Neiro Breaks Above Key Level Following 10% Weekly Drop, Is $0.0020 Next?

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As a seasoned crypto investor with over a decade of experience in this wild and unpredictable market, I have learned to navigate through the ebbs and flows with a blend of caution and optimism. Neiro’s recent correction has left many investors scratching their heads, but as someone who has witnessed the rise and fall of countless digital tokens, I am not deterred.

Regardless of Neiro’s (NEIRO) latest dip in value, analysts and investors remain optimistic about the memecoin. Certain market observers have pointed out its potential, indicating key levels to keep an eye on before the anticipated next surge in bullish momentum.

Neiro Sees 10% Weekly Correction

Three months back, Neiro garnered headlines as it rapidly gained popularity within the Ethereum community. This digital coin emerged following the arrival of a new canine mascot, who is the sibling of the dog that inspired Dogecoin, named Kabosu.

During October, the cryptocurrency has shown exceptional growth, increasing by approximately 30% compared to the previous month. Additionally, the token experienced a significant surge over the past fortnight, approaching its all-time high (ATH) price of $0.0022, marking an astounding rise of around 4,600% within just 30 days.

On October 15, the surge in popularity of this memecoin pushed its market value close to one billion dollars, peaking at approximately $935 million. This significant increase ignited optimism among investors and market analysts alike.

Despite a recent surge, Neiro’s price has since fallen by 31.5%, dropping below its all-time high. In the last week alone, the Shiba Inu-inspired memecoin has seen a decrease of 10.3%, fluctuating between $0.00132 and $0.00170.

Regardless of the decrease in cost, analysts and investors continue to be optimistic about the cryptocurrency. As reported by Crypto Tony, the memecoin has appeared “very promising” since the onset of its positive trend in mid-September.

The analyst highlighted Neiro’s possible growth, recommending that slight retreats from its current heights might present an excellent opportunity for investors, just before an anticipated surge.

Is $0.0020 Or $0.0010 Next?

After reaching its peak, the cryptocurrency’s graph has shown a declining trend, forming a wide wedge pattern in the lower time frames as observed by trader CryptoBull360. This market observer suggests that if there’s a successful breakout above the upper trendline, it could initiate a 25% to 30% upward surge for the token.

A fellow trader expressed that Neiro’s chart appears disorganized. They pointed out that for the token to maintain its upward trend and reclaim its all-time high (ATH) levels, it needs to surpass the $0.00165 price point.

If Neiro is not accepted, the token might plummet by about 30% and reach the $0.0010 support level. The $0.00165-$0.00170 range previously served as a significant consolidation area before the token’s rise toward its All-Time High (ATH).

Come Monday morning, Neiro’s price surged by 13.3%, inching closer to the resistance level at $0.00170. This upward movement took the token beyond the upper boundary of its established biweekly trendline, suggesting a breakout from the previous downtrend pattern.

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 suggested that the memecoin’s recent performance has been better than expected.

Following the prolonged maneuvering and regaining the $0.00150 position during the weekend, the analyst suggests that Neiro might advance toward higher resistance points, aiming once more at the significant $0.0020 threshold.

As of this writing, Neiro is trading at $0.00151, a 4% drop in the daily timeframe.

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2024-10-29 13:34