What’s next for NEIRO after exploding over +5000% in a month?
- NEIRO has rallied 52x in 30 days. Can the uptrend continue amid mixed signals?
Neiro coin [NEIRO] was among the top gems in the past 30 trading days. The memecoin rallied 5540% in 30 days after jumping from $0.000039 to $0.002. That’s a whopping 52x rally in just a month.
However, the memecoin cooled off slightly at press time. It was down 14.5% from its peak of $0.0022. Will it extend the retracement?
NEIRO’s cool off
Source: NEIRO/USDT, TradingView
On price charts, the slight cool-off seen at press time hit the daily bullish order block (cyan). The area also coincided with the 23.6% Fib level.
As such, the 23.6% and 38.2% could act as key support if the retracement extended.
Price chart indicators on the 4-hour chart indicated a potential price reversal to the upside. The stochastic RSI hit an oversold and could be primed for a turnaround. Similarly, the RSI was still above the neutral level (50).
Ergo, NEIRO could still attempt to surge to $0.0027. If so, an extra +20% could be feasible.
Neutral sentiment
However, market sentiment was neutral, as indicated by the Weighed Sentiment (red)resting on the median level. This suggested that the NEIRO could go up or down.
That said, supply outside of exchanges (yellow) has declined significantly amid the NEIRO’s rally.
This illustrated that the accumulation trend dropped as holders opted to offload and take profit from the rising NEIRO’s value.
Source: Santiment
Read Neiro’s [NEIRO] Price Prediction 2024–2025
Put differently, the declining accumulation trend could limit the memecoin’s upside potential. However, smart traders on Binance were still net long on the asset.
According to Binance Top Trader Long/Short ratio, 58% of NEIRO positions were betting on the memecoins’ extended rally. So, the $0.0027 and $0.0017 were key price levels to track in the short-term.
Source: Coinglass
Disclaimer: The information presented does not constitute financial, investment, trading, or other types of advice and is solely the writer’s opinion
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