Neiro Breaks Above Key Resistance Level After 10% Weekly Drop
Neiro (NEIRO) has experienced a recent price decline, yet analysts and investors maintain a bullish outlook on the memecoin. Market observers highlight potential price levels to monitor before the next upward movement.
Neiro Sees 10% Weekly Correction
Neiro gained attention three months ago as a notable cryptocurrency on the Ethereum Network, inspired by Kabosu, the dog associated with Dogecoin. In October, Neiro recorded a 30% increase month-to-date (MTD) and surged to an all-time high (ATH) of $0.0022, representing a 4,600% rise over 30 days.
The token's market capitalization reached approximately $935 million on October 15, contributing to positive market sentiment. However, Neiro's price is currently 31.5% below its ATH, reflecting a 10.3% drop in the past week, trading between $0.00132 and $0.00170.
Despite this drop, analysts express optimism. Crypto Tony noted that Neiro appears promising since its bullish momentum began in mid-September, suggesting that a minor pullback may present a favorable entry point for investors ahead of a potential rally.
Is $0.0020 Or $0.0010 Next?
Following its ATH, Neiro's chart indicates a downtrend forming a broadening wedge pattern. Trader CryptoBull360 observed that breaking above the upper trendline could initiate a 25%-30% bullish rally. Another trader indicated that Neiro must surpass the $0.00165 mark to maintain its upward trajectory toward recovering ATH levels.
Conversely, if Neiro fails to break through, it may face a 30% correction towards the $0.0010 support zone. The range of $0.00165-$0.00170 serves as a crucial consolidation area preceding any surge toward its ATH.
On Monday morning, Neiro's price increased by 13.3% to the $0.00170 resistance level, briefly breaking above the upper trendline and indicating a breakout from its downtrend. However, the token could not maintain this level and retreated to the $0.00154 support zone. Analyst Sjuul from AltCryptoGems remarked that Neiro’s performance has exceeded expectations, believing it is poised to target higher resistance levels, potentially reaching the critical $0.0020 mark again.
As of now, Neiro is trading at $0.00151, reflecting a 4% decrease within the daily timeframe.
