NEIRO cryptocurrency seems to be indicating the early phases of a bullish turnaround following a period of consolidation and downward pressure.
Market analysts have suggested that the price could consolidate within the range of $0.0034 to $0.0045 before showing any significant upward movement.
Crypto analyst Zen expressed,
“In my honest opinion, $NEIRO is beginning a bullish reversal.”
He further mentioned that the price might hover within this range before surpassing the $0.006 resistance level.
Upon breaking through this resistance, the subsequent major target would be $0.00793, potentially paving the way for a rise towards $0.01.
Crucial Resistance Levels and Price Trajectory
According to Zen’s analysis, the $0.006 level emerges as the primary resistance worth monitoring. A breach above this mark could signify the onset of a more robust bullish trend.
The subsequent critical resistance at $0.00793 could act as a catalyst for further upward movement, potentially setting sights on the psychological target of $0.01.
The price trajectory forecast suggests a potential retest of $0.006, followed by a push towards $0.00793.
This phase of consolidation may help lay the groundwork for a more extensive surge, potentially propelling NEIRO to higher levels in the future. A breakthrough beyond $0.01 would mark a significant milestone for traders seeking substantial profits.
Market Sentiment of Neiro Crypto
A recent uptick in trading volume, exceeding 421 million tokens exchanged, implies a heightened interest in NEIRO. This surge in trading activity could bolster the theory of an imminent bullish breakout.
The escalating participation might signal a resurgence in momentum, particularly if buyers succeed in surpassing crucial resistance thresholds.
Despite the recent spike in volume, the short-term performance of NEIRO has been somewhat mixed.
Currently, NEIRO crypto is priced at $0.003882, reflecting a 27.71% decrease in the last 24 hours, albeit showing a 2.66% uptick over the past week.
At press time, the market cap stands at $3.88 million, based on a circulating supply of 1 billion tokens.
Technical Indicators Present Varied Signals
From a technical perspective, the 50 EMA ($0.003889) and 100 EMA ($0.003909) remain positioned above the current price, indicating short-term resistance.
The price seems to be encountering obstacles in surpassing these levels, hinting at a potential consolidation phase.
The RSI (Relative Strength Index) stands mildly bearish at 46.25, signaling feeble momentum and slight selling pressure. However, the RSI has not entered oversold territory, indicating a possible limitation to further declines.
The MACD (Moving Average Convergence Divergence) is exhibiting minimal movement, with the lines hovering close to the zero level, suggesting a lack of pronounced directional momentum.
This reinforces the likelihood of sustained sideways movement until a breakout materializes.