NEIRO has been one of many largest gainers within the final seven days, with its worth surging by virtually 400%, in keeping with data from CoinMarketCap. As to the place the dog-themed meme coin may be headed subsequent, crypto analyst The Foreign exchange Mindset has provided a bearish outlook, suggesting that its price rally may be over and {that a} worth correction is imminent.
NEIRO’s Value Might Drop Beneath $0.13
The Foreign exchange Mindset recommended in a post on TradingView that NEIRO will drop under $0.13. The analyst famous how the quantity blocks trace at a worth decline for the meme coin. He additionally highlighted the correction between NEIRO’s worth and Bitcoin, including that traders can’t rely upon altcoins like this each time Bitcoin is in a downtrend.
Associated Studying
With Bitcoin nonetheless displaying indicators that it might drop decrease, this additionally helps the bearish outlook in the direction of NEIRO, because the meme coin will possible decline if the flagship crypto drops under essential assist ranges. Moreover, the Foreign exchange Mindset famous that NEIRO is overbought with its Stochastic relative strength index (RSI) at 100.
This overbought situation for NEIRO signifies that it’s overvalued at its present worth and {that a} worth correction will happen quickly sufficient. In the meantime, the crypto analyst defined that whales may have a say within the meme coin’s subsequent transfer. He highlighted a “contraction,” holding NEIRO from falling under $0.14. It will possible be the case till these whales decide that the altcoin is prepared for the contraction, whether or not under or above the pattern.
These whales look very bullish on NEIRO because the on-chain analytics platform Lookonchain revealed that the market maker Wintermute has accrued 12.16 million NEIRO ($2.37 million) since Binance launched perpetual contracts for the meme coin.
$1 Is Inevitable For NEIRO
Crypto analyst Kong acknowledged that $1 is inevitable for NEIRO. Kong indicated there was no cause to be bearish on NEIRO, contemplating its worth remains to be under Bybit’s itemizing worth. The crypto analyst added that the run for the meme coin hasn’t even began but, as it should nonetheless rally to $1. A rally to $1 is important as NEIRO will hit a billion-dollar market cap within the course of.
Associated Studying
Crypto analyst Crypto Caesar has additionally provided a bullish outlook for NEIRO. In an X post, he talked about that the meme coin appears “excellent” at its present worth stage. The crypto analyst added that its worth has damaged via the resistance at $0.16 and can now look to retest that worth stage as a brand new assist zone. He mentioned {that a} profitable retest might affirm extra bullish momentum.
On the time of writing, NEIRO is buying and selling at round $0.172, down over 12% within the final 24 hours, in keeping with data from CoinMarketCap.
Featured picture created with Dall.E, chart from Tradingview.com
Scott Matherson Read More
