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Despite the recent decline in Neiro (NEIRO) prices, analysts and investors appear to be bullish on memecoin. Some market watchers have noted the cryptocurrency’s potential, suggesting levels to watch before the next bullish surge.
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Nero sees 10% weekly correction
Neiro made headlines three months ago after becoming an overnight sensation on the Ethereum network. The memecoin is inspired by Dogecoin’s new sister inspiration, Kapuso.
The cryptocurrency posted an impressive performance during the month of October, jumping 30% month to date (MTD). Furthermore, the token saw an impressive rally towards its all-time high (ATH) price of $0.0022 two weeks ago, rising by 4,600% in 30 days.
The memecoin’s bullish momentum also pushed its market capitalization (MC) near the $1 billion mark, reaching $935 million on October 15, fueling bullish sentiment among market watchers.
However, Neiro’s price has fallen since its recent high, trading 31.5% below ATH. The Shiba Inu themed memecoin registered a 10.3% decline in the past week, ranging between the $0.00132 – $0.00170 price range.
Despite the price decline, analysts and investors remain positive about the cryptocurrency. Tony encoder male The memecoin is another token that has looked “really good” since the start of its bullish momentum in mid-September.
The analyst pointed to Nero’s potential, suggesting that a small pullback from recent levels could be a good entry point for investors before the next rally.
Is $0.0020 or $0.0010 next?
Since its all-time high, the cryptocurrency’s chart has shown a downward trend, forming an expanding wedge pattern in the lower time frame, according to trader CryptoBull360. Market Monitor male A successful breakout above the upper trend line could result in a 25%-30% upside for the token.
Another dealer Suggested “Putting Nero on the Chaotic Chart.” The trader stated that the token needs to break through the $0.00165 mark to continue its upward trajectory and regain ATH levels.
However, if Neiro is rejected instead, the symbol could see a 30% correction towards the $0.0010 support zone. The $0.00165 – $0.00170 price range represents an important consolidation area before the token rises towards ATH.
On Monday morning, Nero price jumped 13.3% towards the $0.00170 resistance level. The token moved above the upper trend line of the pattern, indicating a bi-weekly downtrend breakout.
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However, the symbol was unable to hold above the major resistance level and pulled back towards the $0.00154 support zone. Cryptocurrency Analyst Sjuul from AltCryptoGems Suggested Memecoin’s recent performance has been better than expected.
After “playing for a longer period” and reclaiming the $0.00150 level over the weekend, the analyst believes that Nero is ready to move towards higher resistance levels, potentially targeting the crucial $0.0020 mark again.
As of this writing, Neiro is trading at $0.00151, which is down 4% on the daily time frame.
Featured image from Unsplash.com, chart from TradingView.com