Neiro (NEIRO) has become a dazzling pearl in the market performance over the past 30 days.
The memecoin gained a whopping 5,540% in just one month, surging from $0.000039 to $0.002, an incredible 52-fold increase in just one month.
However, the popularity of this meme coin is currently waning. It has fallen 14.5% from its peak of $0.0022. So, will this corrective trend continue?
If the corrective trend continues, the 23.6% and 38.2% Fibonacci levels may act as key support.
Indicators on the 4-hour chart suggest a possible price reversal in the future. Stochastic RSI has entered oversold territory and may be ready for a rebound at any time. Meanwhile, the RSI remains above the neutral level (50).
Therefore, there is still a possibility that NEIRO will attempt to rise towards the $0.0027 level. If successful, transaction volume could increase by approximately 20%.
In other words, in the case of NEIRO price increases, the untraded supply (yellow) decreases significantly. This shows that the accumulation trend has weakened when holders decided to sell to profit from NEIRO's appreciation.
An ongoing bearish trend could limit this meme coin’s upside potential. Still, some smart traders on Binance are waiting and betting on the asset’s long-term potential.
