End Of The Road For NEIRO? Crypto Analyst Predicts Breakdown Below $0.13
NEIRO has experienced significant gains in the past week, with its price soaring by almost 400%, as reported by CoinMarketCap. However, a crypto analyst known as The Forex Mindset believes that the meme coin’s price rally may be coming to an end and that a price correction is looming.
In a TradingView post, The Forex Mindset suggested that NEIRO’s price could drop below $0.13. The analyst pointed to volume blocks that indicate a potential decline for the meme coin. Additionally, the correlation between NEIRO’s price and Bitcoin was highlighted, with the claim that altcoins like NEIRO cannot be relied upon during a Bitcoin downtrend.
Considering the possibility of a further drop in Bitcoin’s price, this bearish forecast aligns with a potential decline for NEIRO. The Forex Mindset also noted that NEIRO is currently overbought, as indicated by its Stochastic relative strength index (RSI) being at 100.
This overbought condition suggests that NEIRO is currently overvalued, signaling an impending price correction. Furthermore, the analyst mentioned that the actions of whales will play a role in NEIRO’s future movement. A “contraction” will likely prevent NEIRO from falling below $0.14 until these whales decide whether the altcoin is ready for further contraction, regardless of the trend direction.
The bullishness of these whales is evident, as revealed by the on-chain analytics platform Lookonchain, which showed that market maker Wintermute has accumulated 12.16 million NEIRO ($2.37 million) since Binance introduced perpetual contracts for the meme coin.
Another crypto analyst, Kong, stated that $1 is inevitable for NEIRO. Kong expressed no reason to be bearish on NEIRO, emphasizing that its price is still below Bybit’s listing price. This analyst believes that the meme coin’s rally has not even started yet, projecting a push towards $1. Reaching $1 would signify a significant milestone for NEIRO, pushing its market cap into the billion-dollar range.
Crypto analyst Crypto Caesar also shared a bullish view on NEIRO, stating that the meme coin looks promising at its current price level. Caesar highlighted the breakthrough of the resistance at $0.16 and expects a retest of that level as a new support zone, potentially confirming further bullish momentum.
At present, NEIRO is trading at approximately $0.172, representing a decline of over 12% in the last 24 hours, according to CoinMarketCap.
Featured image created with Dall.E, chart from Tradingview.com.