NEIRO has risen an astonishing 52 times in the past 30 days. Can this trend continue?
NEIRO’s growth and current situation
Neiro coin [NEIRO] has been a standout performer over the past 30 trading days, surging 5,540% from $0.000039 to $0.002. However, at press time, the memecoin has seen a slight pullback, down 14.5% from its peak of $0.0022. So, will this pullback continue?
Current trend analysis
On the price chart, the recent slight cooling has hit the daily bullish order block (marked in cyan), which coincides with the 23.6% Fibonacci level. Therefore, if the pullback persists, the 23.6% and 38.2% Fibonacci levels could act as critical support levels.
Judging from the indicators on the 4-hour chart, the price is likely to reverse upward. The Stochastic RSI indicator has entered the oversold zone, suggesting a possible rebound. In addition, the RSI indicator remains above the neutral level (50), which provides support for continued upward movement.
Potential Targets
Therefore, NEIRO still has a chance to hit $0.0027, and an additional 20% increase is expected.
Market Sentiment and Supply Dynamics
Nonetheless, market sentiment is currently neutral, with weighted sentiment (red) remaining at the median level, meaning there could be risks for NEIRO’s price to move either higher or lower.
Meanwhile, despite the increase in NEIRO’s price, the supply outside exchanges (yellow) has dropped significantly. This suggests that holders are choosing to sell NEIRO to profit from the price increase, causing the accumulation trend to weaken.
In short, continued selling pressure could limit the upside potential of this memecoin. Nevertheless, according to the long/short ratio of top traders on Binance, 58% of NEIRO positions are still betting on the continued rise of this memecoin. Therefore, $0.0027 and $0.0017 will be the key price levels to watch closely in the short term.
