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Nervousness It has been one of the biggest gainers in the past seven days, rising by about 400%, according to Data From CoinMarketCap. As for where the dog-themed meme coin might be headed, crypto analyst The Forex Mindset has taken a bearish view, suggesting that Its price is high The economic crisis may be over and a price correction is imminent.
NEIRO price could drop below $0.13
Forex mentality suggested in mail On TradingView, NEIRO is set to drop below $0.13. The analyst noted how the volume blocks indicate a price drop for the meme coin. He also highlighted the correction between the price of NEIRO and Bitcoin, adding that investors can’t rely on altcoins like these whenever Bitcoin is in a downtrend.
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with Bitcoin It is still showing signs that it could decline, which also supports the bearish outlook towards NEIRO, as the meme coin is likely to decline if the leading cryptocurrency drops below crucial support levels. Moreover, Forex Mindset notes that NEIRO is in an overbought condition with Stochastic Relative Strength Index (RSI) At 100.
This overbought status of Nero suggests that it is overvalued at its current price and a price correction will happen soon enough. Meanwhile, the crypto analyst explained that whales will have a say in the meme coin’s next move. He highlighted the “deflation,” which is preventing Nero from falling below $0.14. This is likely to be the case until these whales decide that the altcoin is ready for a deflation, either below or above the trend.
These whales seem very bullish on NEIRO as on-chain analytics platform Lookonchain revealed that: Wintermote Market Maker 12.16 million NEIRO ($2.37 million) have been staked since Binance launched perpetual contracts for the meme coin.
$1 is inevitable for NEIRO
Cryptocurrency analyst Kong stated that $1 is inevitable for Nero. Kong pointed out that there is no reason to be pessimistic about Nero, as its price is still below Pipet Listing price. The crypto analyst added that the meme coin race has not started yet, as it will continue to rise to $1. Rising to $1 is important as the price of Nero will reach $1. Market Cap $1 Billion In this process.
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Crypto analyst Crypto Caesar also gave a bullish outlook for NEIRO. X PostHe said that same angle Bitcoin price appears to be “pretty good” at its current price level. The cryptocurrency analyst added that its price has broken the resistance at $0.16 and will now look to retest this price level as a new support zone. He said a successful retest could confirm further predictions. upward momentum.
At the time of writing, NEIRO is trading at around $0.172, down over 12% in the last 24 hours, according to Data From CoinMarketCap.
Featured image created using Dall.E, chart from Tradingview.com
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