NEIRO Coin Faces a Bearish Week: Can the Memecoin Stabilize?

• NEIRO coin witnessed correction from its ATH and dropped below the key EMAs.
• NEIRO among the fastest animal memecoins to reach a $1B market cap.

NEIRO coin, the dog-themed memecoin witnessed continuous profit booking and slipped below the key exponential moving averages. In a month, the memecoin had lost more than 45% of its value and remained under the bears’ control.

However, the current structure shows signs of bottoming out and a significant reversal could be seen ahead.

At press time, NEIRO coin price traded at $0.000959, noting a rise over 2.77% in the past 24 hours. Its market cap rose to $403.40 Million, ranked 178th among the top crypto coins.

NEIRO Investors Sticking to HODLing

Data from Santiment shows that addresses holding 10,000 to 1 million tokens have added to their holdings despite a few decline. This replicates large investors’ strong conviction in the long term.

Therefore, it could be inferred that smart money was adding NEIRO coin and reflected the belief that the token would perform like top memecoins.

Amidst the significant rise in balance of addresses, NEIRO coin price could see an upsurge in the coming days.

NEIRO Price Could See a Bounce: Analyst Weighs in

A recent tweet by TurboBullCapital highlighted that NEIRO coin had held gains around the $0.000900 and was primed for an upmove.

In case of a bounce from here, NEIRO price could reach $0.001200 and $0.001700 in the upcoming sessions.

Furthermore, a close above the $0.0017 beyond the 50 day EMA mark would permit the bulls to strike the $0.00200 mark ahead. It looks good to add into dips for a significant upside in the short term.

Fastest Animal Memecoins

The further breakdown revealed the exponential growth rates of multiple animal-themed memecoins in their bid to reach a $1 Billion Market Cap.

Most importantly, NEIRO, which is most represented here, achieved this financial feat in only one hundred and four days – a feat most of its counterparts would not have achieved. This rapid rise demonstrates the company’s influence in the market and investors’ interest in NEIRO.

Peanut the Squirrel (PNUT) raised to $1 Billion in just 11 days – a clear trend of rapid valuations was set.

PEPE coin and BRETT are other similar models that were able to achieve this within 19 and 28 days, respectively. These figures suggested a healthy curiosity of animal memecoins within the circle of cryptocurrency enthusiasts.

The substantial and rapid increase in the market capitalisation would probably mean that there is more potential to achieve even greater significant changes in NEIRO.

If this trend of increased growth among memecoins continues, NEIRO might very well take the lead in future rallies and shock the market with previously unseen prices.

Technical Analysis: NEIRO Price Prediction

Based on the daily timeframe analysis, NEIRO coin has held ground near its $0.0009200 support zone and saw a noteworthy rebound of over 2% intraday.

The Relative Strength Index (RSI) line recouped from the oversold zone and witnessed a positive crossover, which could fuel further upsurge ahead.

In case of a rebound, a close above the 20 day EMA mark could signal a potential trend reversal that may lead the memecoin toward its ATH trajectory soon.

Going forward, the Open Interest (OI) noted a rise over 1.20% to $90.15 Million, signifying long buildup activity in the past 24 hours.

The immediate support zone were $0.0009200 and $0.0009000, whereas the resistance zones were $0.0009800 and $0.00100.

Disclaimer

This article is for informational purposes only and provides no financial, investment, or other advice. The author or any people mentioned in this article are not responsible for any financial loss that may occur from investing in or trading. Please do your research before making any financial decisions.