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.
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.
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.
Featured image created with Dall.E, chart from Tradingview.com
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