With a fresh recovery in the meme coins segment this week, NEIRO is back in action with a 600% surge in just seven days. As the broader market recovers, the upside chances for this meme coin are increasing. So, should you consider buying NEIRO before a new all-time high formation?
NEIRO Price Performance
Following the early gains in the initial days, the NEIRO token took a quick pullback. The downfall accounts for a 91.50% drop in its market value from the peak of $0.27790 to a bottom of $0.020.
However, the meme coin quickly bounces back with a boost in trend momentum as the broader market recovers.
Following the recent bull cycle, the meme coin soared by 725% to reclaim the $0.01942, making a B-shaped reversal. As the trend reversal surpasses the 61.80% Fibonacci level, the bullish exhaustion leads to a pullback phase. The pullback phase accounted for an 11.61% drop in the last 30 hours and led to a streak of bearish candles in the 4-hour chart.
The price action analysis of NEIRO ETH reveals a rounding bottom breakout with a neckline at $0.16. A potential post-retest reversal could increase the chances of a bull run in NEIRO.
Technical Indicators:
MACD: The MACD and signal lines regain the bearish alignment with negative histograms resurfacing.
EMA: With the minor pullback, the golden crossover between the 50 and 200 EMA in the 4-hour chart is delayed.
Will Bulls Cross The $0.10 Threshold?
As the pullback intensifies, a potential retest of the 50% or the 38.20% Fibonacci levels is possible at $0.1507 and $0.1207, respectively. On the optimistic side, a bullish continuation with a boom in trading volume could witness a massive surge, surpassing the 78.60% Fibonacci level at $0.22.
The breakout rally is expected to find resistance at the 1.272 or 1.618 Fibonacci levels for a new all-time high. The mentioned Fibonacci levels are at $0.3470 and $0.4350, respectively.
Keen on the future of other meme coins? Read our Shiba Inu Price Prediction!
