Amid the bullish run in meme coins slowly picking up pace, the Neiro Ethereum is rising, signalling a potential breakout rally ready to hit $0.50 this week.
The NEIRO Ethereum, teased by analysts as this bull cycle’s Shiba Inu and Dogecoin, is making news, particularly with the recent involvement of Ethereum’s founder, Vitalik Buterin. However, the bearish market of August 5 and the massive sale of Buterin’s holdings resulted in a pullback phase for NEIRO.
Nevertheless, with a bullish comeback as the market recovers, the strong and growing NEIRO community anticipates a fresh rally this week ahead. Will the bull run of NEIRO result in a price surge to $0.50?
NEIRO Price Analysis
In the 1H chart, the price trend of NEIRO Ethereum shows a massive upcycle in motion, resulting in a channel breakout. The bullish turnaround comes with the double-bottom reversal from the $0.10 psychological mark.
The bearish channel fails to hold the rising demand, and the uptrend hits the 61.80% Fibonacci level at $0.2348. However, the meme coin reverses from $0.2348 and tests the 38.20% Fibonacci level.
Furthermore, the pullback phase results in a bearish crossover of the MACD and signal lines. Hence, the chances of a pullback to retest the broken trendline are increasing, with a potential 12% drop to $0.16510.
Currently, the NEIRO Ethereum token trades at $0.2 with an intraday gain of 4.46%. However, the entire bull cycle in the 1H chart accounts for an 82% rise in 22 hours. Notably, this meme token is up by over 300% from the price it sold for just seven days ago.
Vitalik Buterin Sale of Neiro
On August 4, the Neiro project airdropped 17 billion NEIRO tokens to Vitalik Buterin, making him the largest holder. Taking it as a positive catalyst, Buterin’s involvement led to a high-momentum bull run in the meme coin.
However, applying brakes to the moonshot rally, Buterin sold his entire stash for 44.5 Ether (around $103,000), resulting in a bearish reversal in NEIRO’s market value.
In reaction to his sudden sale, the Neiro community demands that he donate his part of the sale to a stray dog shelter.
Will The NEIRO Price Hit $0.50?
As Vitalik pulls his hand out of the Neiro community, the meme coin takes a solid blow to the gut. However, with the newfound recovery trend, the meme coin will likely hit $0.50 as the breakout run completes a retest phase.
Disclaimer: This content is informational and should not be considered financial advice. The views expressed in this article may include the author's personal opinions and do not reflect The Crypto Basic’s opinion. Readers are encouraged to do thorough research before making any investment decisions. The Crypto Basic is not responsible for any financial losses.
