Despite brief moments of potential recovery, most meme coins have had a tough week. Popular tokens like BONK and PEPE have seen their prices drop by double digits.
In contrast, Nero Ethereum (NEIRO) saw an unexpected price surge after Binance announced its listing on the futures market. Here’s a recap of the most important developments.
Nero Ethereum (NEIRO)
NEIRO price has surged by 548% this week. Although it has already seen price jumps earlier, its listing on Binance Futures has further boosted the rally.
The announcement sparked excitement within the NEIRO community, drawing comparisons to the PEPE and BONK listings on Binance. While NEIRO Ethereum has yet to hit the Binance spot market, its futures listing comes just two months after it first hit the market.
For comparison, PEPE waited almost a quarter, and BONK waited almost a year to get Binance’s attention. As of this writing, NEIRO is trading at $0.16, rebounding from a previous low of $0.02.
Despite the surge, NEIRO is still 45% below its all-time high of $0.29. However, the On-Balance Volume (OBV) indicator is indicating strong buying interest, signaling continued market support for the meme coin.
Generally, a rising OBV indicates buying pressure, while a falling reading indicates the opposite. If the reading continues to rise, NEIRO’s next target could be $0.20 in the next few days.
However, the token may face a decline if it becomes overbought and heavy profit taking begins. In this case, its value may drop to $0.11.
Baby
PEPE price has dropped by around 13% in the last seven days. In a previous analysis, BeInCrypto mentioned how the meme coin has formed a head and shoulders pattern that could accelerate the downtrend.
As of writing, the bearish hypothesis has been validated as the token is trading at $0.0000067. However, according to indicators from the Money Flow Index (MFI), a bounce could be imminent. MFI is a technical oscillator that uses price and volume to identify overbought and oversold conditions.
When the indicator value is above 80.00, the cryptocurrency is overbought. On the other hand, a reading below 20.00 means it is oversold. According to the daily chart, the MFI has dropped to 13.40, which means that PEPE is oversold, and a rebound could be imminent.
This possibility requires significant market interest to be verified. If the broader market decides to buy the meme coin at this discounted price, the token could jump to $0.0000080.
However, a revocation may occur if the meme coin continues to lack demand. If so, the token value may drop to $0.0000058.
BONK
BONK’s daily technical setup looks similar to PEPE. Like the frog-themed meme coin, BONK could be ready for a significant bounce as Chaikin Money Flow (CMF) appears to be heading towards positive territory.
When used alongside other indicators, the CMF helps determine whether a cryptocurrency is likely to enter an uptrend or a downtrend. In the case of BONK, the price could rise if the CMF crosses the neutral line. If this happens, the meme coin could retest the support at $0.000017 and potentially reach $0.000020.
However, the Relative Strength Index (RSI) indicates that the market is still hesitant, reflecting the fear of buying the dip. Failure to accumulate more BONK could invalidate this hypothesis. In this case, the meme coin price could drop to $0.000015.