NEIRO has emerged as one of the standout performers in the past week, with its price rocketing nearly 400% as indicated by CoinMarketCap data. However, the future trajectory of this dog-themed meme coin has sparked a division among crypto analysts.
According to The Forex Mindset, a prominent crypto analyst, NEIRO’s remarkable rally might have reached its peak. In a TradingView post, The Forex Mindset projected a bearish scenario where NEIRO’s price could plunge below $0.13, driven by indicators within the volume blocks. He pointed out a significant correlation between NEIRO’s price movements and Bitcoin trends, suggesting that NEIRO’s stability hinges on Bitcoin’s performance, especially during downturns.
Bitcoin’s potential slide below critical support levels further solidifies the bearish outlook for NEIRO. This sentiment is echoed by The Forex Mindset, who highlighted that NEIRO’s Stochastic Relative Strength Index (RSI) has hit an overbought signal of 100, signifying that the coin is currently overvalued and poised for a price correction.
Moreover, whale activity, crucial to the meme coin’s market behavior, shows signs of influencing its immediate future. The analyst noted a “contraction” effect causing NEIRO to hover around the $0.14 mark until larger stakeholders, dubbed whales, decide the coin’s next significant move. These whales appear optimistic about NEIRO’s prospects, as evidenced by the on-chain analytics platform Lookonchain. They reported that Wintermute, a key market maker, has recently accumulated 12.16 million NEIRO coins, valued at $2.37 million, since Binance introduced perpetual contracts for NEIRO.
In stark contrast, crypto analyst Kong asserts that a $1 price for NEIRO is inevitable, arguing that the current price is still less than Bybit’s listing price. According to Kong, the real rally for NEIRO hasn’t begun yet, and breaking the $1 barrier would usher NEIRO into a billion-dollar market cap territory.
Another expert, Crypto Caesar, also predicts a bullish turn for NEIRO. Through a recent post on X, he observed that the coin appears “very good” at its present price. Caesar emphasized that NEIRO has breached the $0.16 resistance level and is set to retest this level as a new support zone, potentially reinforcing bullish momentum if the retest proves successful.
Currently trading at about $0.172, NEIRO has seen a drop of over 12% in the last 24 hours, as per CoinMarketCap. The future of NEIRO remains to be seen, with opinions split between an inevitable correction and an ambitious rally towards the $1 mark.
