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The First Neiro on Ethereum has reached a new all-time high (ATH) of $0.0025 following a rapid trend reversal. Will this meme coin continue its bullish trend this month?
With a 54% surge in the last 7 days, NEIRO is inching closer to a billion-dollar market cap. On the daily chart, the recovery rally has resulted in four consecutive bullish candles, driving the price to nearly a 100% increase.
As the bullish momentum behind the First Neiro on Ethereum builds, the broader market expects the uptrend to persist. With the token now trading near its all-time high, the likelihood of reaching the $0.0030 mark increases. Will this bull run continue? Let’s explore.
NEIRO Price Analysis
In the 4-hour chart, the double bottom reversal in the NEIRO token has surpassed the overhead resistance line of a falling-channel pattern. The bullish recovery with the breakout rally accounts for an 85% surge from $0.001266 (the double bottom’s baseline) to the current market price.
The breakout has exceeded the previous ATH at $0.0021 and is now challenging the 1.272 Fibonacci extension level. At press time, NEIRO is trading at $0.002336, with a 24-hour surge of 12.31%. Additionally, the token has registered a new all-time high of $0.0025 during the last 24 hours.
The surge in buying pressure has triggered bullish crossovers in the exponential moving averages (EMAs). Following the golden crossover and the recent 50-100-day bullish crossover, all key moving averages are aligned bullishly.
However, the lack of momentum to exceed the $1.272 Fibonacci level at $0.00249 warns of a bearish crossover in the MACD indicator.
Will the First Neiro on Ethereum Cross $0.0025?
Given the Fibonacci levels, the lack of momentum could result in a temporary sideways trend on the 4-hour chart, potentially retesting the $0.002160 level or the 100% Fibonacci level. Following a retest and subsequent reversal, the bull run is likely to continue, especially if the broader crypto market remains bullish.
The next price targets for the First Neiro on Ethereum are $0.00249 and the $0.0030 psychological mark. Additionally, on a longer-term horizon, the 1.618 Fibonacci level at $0.0051 is a potential target.