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Despite Neiro’s (NEIRO) recent price decline, analysts and investors seem bearish on memecoin. Some market watchers have noted the strength of the cryptocurrency, suggesting levels that should be watched before the next bullish rally.
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Neiro Sees 10% Weekly Correction
Neiro made headlines three months ago after becoming an overnight sensation on the Ethereum Network. Memecoin is inspired by the recently adopted sister of Dogecoin’s inspiration, Kabosu.
The cryptocurrency registered an impressive performance during October, exceeding 30% month-to-date (MTD). Furthermore, the token saw an impressive rally towards its all-time high (ATH) of $0.0022 two weeks ago, up 4,600% in 30 days.
Memecoin’s bullish momentum also pushed its market capitalization (MC) close to $1 billion, reaching $935 million MC on October 15, which caused a bullish look among market watchers.
However, Neiro’s price has fallen since its recent rally, trading 31.5% below its ATH. The Shiba Inu-themed memecoin registers a 10.3% drop in the past week, hovering between a price range of $0.00132-$0.00170.
Despite the price drop, analysts and investors remain optimistic about cryptocurrency. Crypto Tony noted that memecoin is another token that is looking “really good” since its bullish start in mid-September.
The analyst highlighted Neiro’s strength, suggesting that a slight pullback from his recent levels could be a good entry point for investors ahead of the upcoming meeting.
Is $0.0020 Or $0.0010 Next?
From its all-time high, the cryptocurrency’s chart showed a decline, creating an extended wedge pattern in the low period, according to trader CryptoBull360. The market watcher noted that a successful breakout above the upper trendline can cause a 25%-30% bullish rally for the token.
One trader suggested that “Neiro’s position on the chart is embarrassing.” The trader said that the token needs to break above the $0.00165 mark to continue its bullish path and regain its ATH levels.
However, if Neiro is rejected instead, the token could see a 30% correction to the $0.0010 support area. The price range of $0.00165-$0.00170 represents an important consolidation point before the token rises to its ATH.
On Monday morning, Neiro’s price jumped 13.3% to the resistance level of $0.00170. The token moved above the upper trendline of the pattern, indicating the exit of its biweekly downtrend.
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However, the token could not hold above the key resistance level and retreated to the $0.00154 support area. Crypto analyst Sjuul from AltCryptoGems suggested that memecoin’s recent performance was better than expected.
After “deceiving for a long time” and regaining the level of $0.00150 over the weekend, the analyst believes that Neiro is ready to move to higher resistance levels, which may re-target to the important mark of $0.0020.
As of this writing, Neiro is trading at $0.00151, a 4% drop in the daily timeframe.
Featured image from Unsplash.com, Chart from TradingView.com