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Breaking News: Cantor Fitzgerald Projects Major Growth For Hyperliquid (HYPE) In Explosive New Report

End Of The Road For NEIRO? Crypto Analyst Predicts Breakdown Below $0.13

Scott Matherson
Scott Matherson
Last Updated: September 12, 2024 2:30 am
3 mins read
NEIRO

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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.

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NEIRO 1
Source: TradingView.com

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. 

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NEIRO 2
Source: X

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. 

NEIRO price chart from Tradingview.com
Token price struggles to hold $0.13 | Source: NEIROUSDT on Tradingview.com
Featured image created with Dall.E, chart from Tradingview.com
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Scott Matherson
Scott Matherson

Scott Matherson

Scott Matherson is a prominent crypto writer at NewsBTC with a knack for capturing the pulse of the market, covering pivotal shifts, technological advancements, and regulatory changes with precision. Having witnessed the evolving landscape of the crypto world firsthand, Scott is able to dissect complex crypto topics and present them in an accessible and engaging manner. Scott's dedication to clarity and accuracy has made him an indispensable asset, helping to demystify the complex world of cryptocurrency for countless readers.

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Scott’s experience spans a number of industries outside of crypto including banking and investment. He has brought his vast experience from these industries into crypto, which allows him to understand even the most complex topics and break them down in a way that is easy for readers from all works of life to understand. Scott’s pieces have helped to break down cryptocurrency processes and how they work, as well as the underlying groundbreaking technology that makes them so important to everyday life.

With years of experience in the crypto market, Scott began to focus on his true passion: writing. During this time, Scott has been able to author countless influential pieces that have drawn in millions of readers and have shaped public opinion across various important topics. His repertoire spans hundreds of articles on various sectors in the crypto industry, including decentralized finance (DeFi), decentralized exchanges (DEXes), Staking, Liquid Staking, emerging technologies, and non-fungible tokens (NFTs), among others.

Scott’s influence is not just limited to the countless discussions that his publications have sparked but also as a consultant for major projects in the space. He has consulted on issues ranging from crypto regulations to new technology deployment. Scott’s expertise also spans community building and contributes to a number of causes to further the development of the crypto industry.

Scott is an advocate for sustainable practices within the crypto industry and has championed discussions around green blockchain solutions. His ability to keep in line with market trends has made his work a favorite among crypto investors.
In his personal life, Scott is an avid traveler and his exposure to the world and various way of life has helped him to understand how important technologies like the blockchain and cryptocurrencies are. This has been key in his understanding of its global impact, as well as his ability to connect socio-economic developments to technological trends around the globe like no one else.

Scott is known for his work in community education to help people understand crypto technology and how its existence impacts their lives. He is a well-respected figure in his community, known for his work in helping to enlighten and inspire the next generation as they channel their energies into pressing issues. His work is a testament to his dedication and commitment to education and innovation, as well as the promotion of ethical practices in the rapidly developing world of cryptocurrencies.

Scott stands steady in the frontlines of the crypto revolution and is committed to helping to shape a future that promotes the development of technology in an ethical manner that translates to the benefit of all in the society.

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Reason to trust

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Created by industry experts and meticulously reviewed
The highest standards in reporting and publishing
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