Neiro Coin (NEIRO) surged 4,608% in 30 days, rising from $0.000039 to $0.002
The coin has since retraced 15% from its peak of $0.0022
CoinCodex forecasts NEIRO could reach $0.019284 by November 2024
Technical indicators show mixed signals, with some suggesting a potential rebound
Market sentiment is neutral, with 58% of traders net long on Neiro
Neiro Coin (NEIRO), a relatively unknown cryptocurrency, has recently captured the attention of the crypto market with its extraordinary price surge.
Over the past 30 days, NEIRO experienced a remarkable 4,608% increase in value, skyrocketing from $0.000039 to $0.002.
This explosive growth has left many investors and traders wondering about the sustainability of such rapid gains and the future prospects of the coin.
The dramatic rise of Neiro Coin represents a 48x return in just one month, a performance that has turned heads in the volatile world of cryptocurrency trading.
However, as often happens following such steep climbs, the coin has recently shown signs of slowing down.
NEIRO has experienced a 15% pullback from its peak value of $0.0022, prompting discussions about whether this retracement is temporary or if the coin has reached its maximum potential for now.
Despite the recent dip, some analysts remain optimistic about Neiro’s future.
Price forecasts from CoinCodex suggest the possibility of further increases, with projections indicating NEIRO could reach $0.019284 by November 2024.
This forecast represents a potential 219% gain from current levels, should it materialize.
In the short term, traders are closely monitoring Neiro’s price action. The recent drop coincided with a daily bullish order block, bringing the price to a critical support level at the 23% Fibonacci retracement area.
This level is significant as it could provide the necessary support to prevent further declines. If the retracement continues, the next line of defense for bulls would be the 37% Fibonacci level.
Technical indicators are providing mixed signals. The stochastic Relative Strength Index (RSI) for Neiro indicates an oversold condition, which could suggest a potential rebound.
The RSI remains above the neutral 50 level, further supporting the possibility of a price reversal. Some analysts believe that if momentum returns, Neiro could potentially increase to $0.0027, representing a 20% rise from its current value.
Market sentiment surrounding Neiro remains neutral, despite the presence of positive technical signals. The Weighted Sentiment is at the median level, indicating uncertainty about whether Neiro will continue its upward trajectory or face additional selling pressure.
The coin’s substantial rally has resulted in a decrease in supply outside of exchanges, suggesting that some investors have taken profits.
However, there are still signs of optimism among traders. According to the Binance Top Trader Long/Short ratio, 58% of traders are net long on Neiro, expecting an extended ascent.
Over the next few days, traders will be closely watching resistance at $0.0027 and support at $0.0017 to gauge Neiro’s next moves.
The past month has been largely positive for Neiro, with 18 out of 30 days (60%) showing green candles. The coin has also demonstrated notable price volatility of 26.66%.
These factors suggest that the current moment could present an opportunity for potential buyers, although caution is always advised in the highly unpredictable crypto market.
This articles is written by : Nermeen Nabil Khear Abdelmalak
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By Nermeen Nabil Khear 