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$NEIRO has been one of the biggest gainers in the last seven days, with its price surging by almost 400%, according to data from CoinMarketCap. As to where the dog-themed meme coin might be headed next, crypto analyst The Forex Mindset has offered a bearish outlook, suggesting that its price rally might be over and that a price correction is imminent.
$NEIRO’s Price Could Drop Below $0.13
The Forex Mindset suggested in a post on TradingView that $NEIRO will drop below $0.13. The analyst noted how the volume blocks hint at a price decline for the meme coin. He also highlighted the correction between $NEIRO’s price and Bitcoin, adding that investors cannot depend on altcoins like this whenever Bitcoin is in a downtrend.
With Bitcoin still showing signs that it could drop lower, this also supports the bearish outlook towards $NEIRO, as the meme coin will likely decline if the flagship crypto drops below crucial support levels. Furthermore, the Forex Mindset noted that $NEIRO is overbought with its Stochastic relative strength index (RSI) at 100.
This overbought condition for $NEIRO indicates that it is overvalued at its current price and that a price correction will occur soon enough. Meanwhile, the crypto analyst explained that whales will have a say in the meme coin’s next move. He highlighted a “contraction,” keeping $NEIRO from falling below $0.14. This will likely be the case until these whales determine that the altcoin is ready for the contraction, whether below or above the trend.
These whales look very bullish on $NEIRO as the on-chain analytics platform Lookonchain revealed that the market maker Wintermute has accumulated 12.16 million $NEIRO ($2.37 million) since Binance launched perpetual contracts for the meme coin.
$1 Is Inevitable For $NEIRO
Crypto analyst Kong stated that $1 is inevitable for $NEIRO. Kong indicated there was no reason to be bearish on $NEIRO, considering its price is still below Bybit’s listing price. The crypto analyst added that the run for the meme coin hasn’t even started yet, as it will still rally to $1. A rally to $1 is significant as $NEIRO will hit a billion-dollar market cap in the process.
Crypto analyst Crypto Caesar has also offered a bullish outlook for $NEIRO. In an X post, he mentioned that the meme coin looks “very good” at its current price level. The crypto analyst added that its price has broken through the resistance at $0.16 and will now look to retest that price level as a new support zone. He said that a successful retest could confirm more bullish momentum.
At the time of writing, $NEIRO is trading at around $0.172, down over 12% in the last 24 hours, according to data from CoinMarketCap.
