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Could the ongoing bull run in NEIRO continue to $0.0020 as a rising channel breakout teases the next bullish launch?
The “First NEIRO on Ethereum” meme coin has surged nearly 70% in the past seven days, now approaching a billion-dollar market cap. NEIRO’s current market cap stands at $718 million, with the token trading at $0.001708.
Will this recovery rally in NEIRO result in a breakout rally for an extension above $0.0020?
NEIRO Price Analysis
The bullish recovery has surged the market price by 2.80% in the past 24 hours. In the 4-hour chart, the NEIRO price trend reveals a rising channel pattern as the bullish momentum increases.
The bull cycle within the rising channel accounts for the 83% surge from $0.0009368 to $0.001708 in the past few weeks. Now, the meme coin is challenging an overhead resistance.
There is some consolidation near this resistance, with several long-wick candles indicating higher price rejection. Moreover, the price has surpassed the 1.618 Fibonacci retracement level at $0.001560, based on the previous bearish cycle.
Smart Trader Shifts To First NEIRO on Ethereum
As the bullish trend in the “First Nero on Ethereum” gains momentum, a smart trader who previously earned $145 million from Shiba Inu has made a notable shift. This trader swapped out of a losing position in Nero Ethereum for the rising First NEIRO on Ethereum.
Yesterday, the entity sold 17.5 million Nero Ethereum for $1.22 million, incurring a loss of $1.49 million or 55% after almost a month of holding. However, after the sale, the smart trader quickly switched to the First Nero on Ethereum, investing $1.45 million to get 841.6 million tokens.
Will NEIRO Cross $0.0020?
Presently, First Neiro On Ethereum is struggling to break through the 2.618 Fibonacci level at $0.00199. If the price manages to breach this overhead resistance, potential targets for the token could be $0.0024 and $0.0027.
However, the 4-hour RSI shows signs of a bearish decline as the price stalls near the trend line. The MACD indicator also suggests a potential bearish crossover, with the MACD and signal lines converging.
These technical indicators signal a possible pullback. Should a bullish breakout fail, NEIRO may find support at $0.001560 and $0.001289.