- NEIRO has rallied 52x in 30 days.
Can the uptrend continue amid mixed signals?
As a seasoned analyst with years of experience in the cryptocurrency market, I’ve seen my fair share of memecoins skyrocketing to the moon and then plummeting back to Earth. NEIRO, or Neiro coin, has caught my attention recently due to its impressive 52x rally in just 30 days.
Neiro coin [NEIRO] was among the top gems in the past 30 trading days. The memecoin rallied 5540% in 30 days after jumping from $0.000039 to $0.002. That’s a whopping 52x rally in just a month.
Currently, the memecoin has experienced a minor dip. Compared to its highest point at $0.0022, it’s now decreased by 14.5%. Could this downtrend continue further?
NEIRO’s cool off
At the current moment on price graphs, we’ve noticed a brief pause or pullback (cool-off) that aligned with a significant buying zone (daily bullish order block in cyan). Remarkably, this region also corresponds to the 23.6% Fibonacci retracement level.
As such, the 23.6% and 38.2% could act as key support if the retracement extended.
Based on the analysis of the 4-hour price chart, it appears that there might be an upcoming price increase, or a reversal. The Stochastic RSI has reached an oversold point, suggesting it could soon reverse direction and potentially rise. Additionally, the RSI is still above the neutral level (50), indicating a general upward momentum.
Ergo, NEIRO could still attempt to surge to $0.0027. If so, an extra +20% could be feasible.
Neutral sentiment
Nevertheless, the overall market feeling remained balanced, as demonstrated by the Weighed Sentiment hovering around its median. This implied that the NEIRO might potentially increase or decrease.
That said, supply outside of exchanges (yellow) has declined significantly amid the NEIRO’s rally.
This indicated that the rate at which assets were accumulating decreased, as some owners decided to sell and cash out on the increasing value of NEIRO.
Read Neiro’s [NEIRO] Price Prediction 2024–2025
In simpler terms, the decreasing growth pattern might restrict the memecoin’s ability to increase significantly. Yet, savvy investors on Binance still maintained a positive position in this asset.
As per Binance’s Top Trader Long/Short ratio, approximately 58% of NEIRO positions indicated a bullish sentiment towards memecoins, suggesting an extended rally. Therefore, the prices at $0.0027 and $0.0017 were crucial points to monitor in the near future.
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2024-10-15 08:07