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With a double-bottom reversal rally, First Neiro on Ethereum prepares for a trendline breakout. Will NEIRO reach the $0.0020 mark with this breakout run?
With a market cap of $688 million, the First NEIRO on Ethereum token has increased by 9.72% in the past 24 hours. Currently, NEIRO is trading at $0.001637, reflecting a bullish recovery.
As meme coins remain polarized in the volatile market, NEIRO is standing on the verge of a breakout rally. Will this breakout run reach the $0.0020 mark this week?
First Neiro on Ethereum Eyes Trendline Breakout
In the 4-hour chart, the recovery rally is challenging a short-term resistance trendline formed during the pullback phase over the last two weeks.
The pullback accounts for a 41.18% downfall from its two-week-old all-time high of $0.00233194 to $0.00135542. Since the low of $0.00135542, NEIRO has increased by 20.91% in the last four days.
Furthermore, the pullback phase in the 4-hour chart has found support above $0.001420, resulting in a sideways trend. The meme coin is gaining momentum with a double-bottom reversal pattern.
The 4-hour RSI line has crossed above the 50% line, supporting the possibility of a bullish trend and showing no signs of bearish divergence. Meanwhile, the MACD and signal lines maintain a positive alignment, accompanied by a surge in positive histograms. Thus, the momentum indicators signal a buy.
Will NEIRO Hit $0.0020?
Currently, the reversal rally is challenging the overhead resistance trendline, along with the double-bottom neckline at $0.001637. The ongoing 4-hour candle shows a higher price rejection and a pullback of 0.73%, which warns of a bearish turnaround.
Using trend-based Fibonacci levels, the recovery run is also facing resistance from the 23.60% Fibonacci level at $0.00170318. While the higher price rejection limits the likelihood of a bullish breakout, a broader market recovery could help propel the NEIRO price above this threshold.
With the trend-reversal rally, the Fibonacci levels suggest a positive target at the 50% Fibonacci level near the psychological mark of $0.0020. This could complete a rounding-bottom reversal with a neckline at the 50% Fibonacci level.
However, price action traders should wait for confirmation that NEIRO will surpass the 23.60% Fibonacci level at $0.00170318.