Could the ongoing bull run in NEIRO continue to $0.0020 as a rising channel breakout teases the next bullish launch?
The “First NEIRO on Ethereum” meme coin has surged nearly 70% in the past seven days, now approaching a billion-dollar market cap. NEIRO’s current market cap stands at $718 million, with the token trading at $0.001708.
Will this recovery rally in NEIRO result in a breakout rally for an extension above $0.0020?
NEIRO Price Analysis
The bullish recovery has surged the market price by 2.80% in the past 24 hours. In the 4-hour chart, the NEIRO price trend reveals a rising channel pattern as the bullish momentum increases.
The bull cycle within the rising channel accounts for the 83% surge from $0.0009368 to $0.001708 in the past few weeks. Now, the meme coin is challenging an overhead resistance.
There is some consolidation near this resistance, with several long-wick candles indicating higher price rejection. Moreover, the price has surpassed the 1.618 Fibonacci retracement level at $0.001560, based on the previous bearish cycle.
Smart Trader Shifts To First NEIRO on Ethereum
As the bullish trend in the “First Nero on Ethereum” gains momentum, a smart trader who previously earned $145 million from Shiba Inu has made a notable shift. This trader swapped out of a losing position in Nero Ethereum for the rising First NEIRO on Ethereum.
Yesterday, the entity sold 17.5 million Nero Ethereum for $1.22 million, incurring a loss of $1.49 million or 55% after almost a month of holding. However, after the sale, the smart trader quickly switched to the First Nero on Ethereum, investing $1.45 million to get 841.6 million tokens.
Will NEIRO Cross $0.0020?
Presently, First Neiro On Ethereum is struggling to break through the 2.618 Fibonacci level at $0.00199. If the price manages to breach this overhead resistance, potential targets for the token could be $0.0024 and $0.0027.
However, the 4-hour RSI shows signs of a bearish decline as the price stalls near the trend line. The MACD indicator also suggests a potential bearish crossover, with the MACD and signal lines converging.
These technical indicators signal a possible pullback. Should a bullish breakout fail, NEIRO may find support at $0.001560 and $0.001289.
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.
