End Of The Road For NEIRO? Crypto Analyst Predicts Breakdown Below $0.13
12 Septembre 2024 - 4:30AM
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NEIRO has been one of the biggest gainers in the last seven days,
with its price surging by almost 400%, according to data from
CoinMarketCap. As to where the dog-themed meme coin might be headed
next, crypto analyst The Forex Mindset has offered a bearish
outlook, suggesting that its price rally might be over and that a
price correction is imminent. NEIRO’s Price Could Drop Below
$0.13 The Forex Mindset suggested in a post on TradingView that
NEIRO will drop below $0.13. The analyst noted how the volume
blocks hint at a price decline for the meme coin. He also
highlighted the correction between NEIRO’s price and Bitcoin,
adding that investors cannot depend on altcoins like this whenever
Bitcoin is in a downtrend. Related Reading: Bitcoin Price by 2030:
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With Bitcoin still showing signs that it could drop lower, this
also supports the bearish outlook towards NEIRO, as the meme coin
will likely decline if the flagship crypto drops below crucial
support levels. Furthermore, the Forex Mindset noted that
NEIRO is overbought with its Stochastic relative strength index
(RSI) at 100. This overbought condition for NEIRO indicates
that it is overvalued at its current price and that a price
correction will occur soon enough. Meanwhile, the crypto analyst
explained that whales will have a say in the meme coin’s next move.
He highlighted a “contraction,” keeping NEIRO from falling below
$0.14. This will likely be the case until these whales determine
that the altcoin is ready for the contraction, whether below or
above the trend. These whales look very bullish on NEIRO as
the on-chain analytics platform Lookonchain revealed that the
market maker Wintermute has accumulated 12.16 million NEIRO ($2.37
million) since Binance launched perpetual contracts for the meme
coin. $1 Is Inevitable For NEIRO Crypto analyst Kong
stated that $1 is inevitable for NEIRO. Kong indicated there was no
reason to be bearish on NEIRO, considering its price is still below
Bybit’s listing price. The crypto analyst added that the run for
the meme coin hasn’t even started yet, as it will still rally to
$1. A rally to $1 is significant as NEIRO will hit a billion-dollar
market cap in the process. Related Reading: Bitcoin Recovery
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analyst Crypto Caesar has also offered a bullish outlook for NEIRO.
In an X post, he mentioned that the meme coin looks “very good” at
its current price level. The crypto analyst added that its price
has broken through the resistance at $0.16 and will now look to
retest that price level as a new support zone. He said that a
successful retest could confirm more bullish momentum. At the
time of writing, NEIRO is trading at around $0.172, down over 12%
in the last 24 hours, according to data from CoinMarketCap.
Featured image created with Dall.E, chart from Tradingview.com
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