Neiro coin [NEIRO] emerged as one of the standout performers over the last month of trading. This memecoin experienced a staggering surge of 5540% within just 30 days, skyrocketing from $0.000039 to $0.002, marking an impressive 52x increase in value in a mere month.
Despite this significant growth, the memecoin has recently exhibited a slight decline in value. It is currently down by 14.5% from its peak of $0.0022. The question now arises: Will this retracement continue?
NEIRO’s Correction
Observing the price charts reveals that the recent slight pullback coincided with the daily bullish order block (cyan), aligning with the 23.6% Fibonacci level. These levels could serve as crucial support if the correction persists.
An analysis of the 4-hour chart’s price chart indicators suggests a potential upward price reversal. The stochastic RSI has reached oversold levels, indicating a possible trend reversal. In addition, the RSI remains above the neutral level (50).
Therefore, there remains a possibility for NEIRO to rally towards $0.0027. In such a scenario, a further gain of approximately 20% could be achievable.
Balanced Market Sentiment
While the price outlook appears positive, market sentiment remains neutral, as indicated by the Weighed Sentiment (red) resting at the median level. This implies that NEIRO’s future trajectory could go either up or down.
Furthermore, there has been a notable decrease in supply outside of exchanges (yellow) amidst NEIRO’s recent surge. This decline signifies a reduction in the accumulation trend as holders choose to sell and capitalize on the coin’s escalating value.