Despite a recent price drop, Neiro (NEIRO) continues to attract positive sentiment from analysts and investors in the memecoin space. Following an impressive performance in October, market watchers are eyeing potential levels for the next bullish rally.
Neiro has seen significant volatility in recent weeks, particularly after gaining attention three months ago as a memecoin on the Ethereum Network, inspired by Kabosu, the beloved dog behind Dogecoin. This month alone, NEIRO jumped 30% and reached an all-time high (ATH) of $0.0022 two weeks ago, marking a staggering 4,600% increase over a 30-day period.
The token’s bullish run also boosted its market capitalization, which nearly touched the $1 billion mark, hitting approximately $935 million on October 15. This surge contributed to a wave of optimism among market observers.
However, Neiro has faced a correction, trading 31.5% below its ATH. Over the past week, the token has dropped 10.3%, fluctuating between the $0.00132 and $0.00170 price range. Despite this downturn, analysts remain bullish, suggesting that the recent price correction could present a buying opportunity.
Crypto analyst Tony highlighted Neiro’s potential, remarking that its performance since mid-September has been impressive. He believes that a minor pullback might offer a strategic entry point for investors anticipating another rally.
Looking ahead, traders are analyzing critical price levels that could dictate Neiro's trajectory. The token’s chart reveals a broadening wedge pattern on the lower time frames. According to trader CryptoBull360, a breakout above the upper trendline could trigger a rally of 25%-30%.Conversely, if Neiro fails to breach the $0.00165 mark, it may face further declines, potentially correcting to the $0.0010 support zone. The $0.00165-$0.00170 range is seen as a crucial consolidation area for future price movements.
On Monday morning, Neiro experienced a brief surge of 13.3%, approaching the $0.00170 resistance level and surpassing the upper trendline of its downtrend. However, the momentum proved unsustainable, leading to a retreat back toward the $0.00154 support zone.
Analyst Sjuul from AltCryptoGems has noted that Neiro's recent activity has exceeded expectations. After navigating a period of manipulation, reclaiming the $0.00150 level over the weekend suggests that the token could be gearing up for higher resistance targets, potentially revisiting the pivotal $0.0020 mark.
As Neiro continues to navigate market fluctuations, analysts maintain a generally optimistic outlook, pointing to strategic entry points and key resistance levels that could indicate the memecoin’s future direction. Investors and traders alike will be closely monitoring these trends as they seek to capitalize on Neiro's ongoing developments.
October 2024, Cryptoniteuae