NEIRO’s Price May Fall Below $0.13, Warns Crypto Analyst

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NEIRO has experienced significant gains over the past week, with its value climbing nearly 400%, according to data from CoinMarketCap. Regarding the possible future of this dog-themed meme coin, crypto analyst The Forex Mindset has a pessimistic view, indicating that its price surge may come to an end and a price adjustment could be on the horizon.

NEIRO’s Price Might Fall Below $0.13

In a post on TradingView, The Forex Mindset predicted that NEIRO could drop below $0.13. The analyst pointed out that the volume blocks indicate a potential price decrease for the meme coin. Additionally, he noted the correlation between NEIRO’s pricing and Bitcoin, emphasizing that investors should not rely on such altcoins whenever Bitcoin experiences a downturn.

With Bitcoin continuing to show potential for further declines, this also bolsters the bearish perspective on NEIRO, as the meme coin is expected to drop if the leading cryptocurrency falls below key support levels. Furthermore, The Forex Mindset remarked that NEIRO appears overbought, with its Stochastic relative strength index (RSI) at 100.

This overbought status for NEIRO suggests that it is overpriced at its current valuation and a price adjustment is likely to occur soon. Meanwhile, the crypto analyst pointed out that large investors will influence the next steps for the meme coin. He mentioned a “contraction,” potentially preventing NEIRO from slipping below $0.14. This situation may persist until these major investors decide whether the altcoin is prepared for a contraction, either below or above the trend.

These large investors are very optimistic about NEIRO, as the on-chain analytics platform Lookonchain disclosed that the market maker Wintermute has acquired 12.16 million NEIRO ($2.37 million) since Binance initiated perpetual contracts for the meme coin.

$1 Is Unavoidable For NEIRO

Crypto analyst Kong stated that $1 is unavoidable for NEIRO. Kong noted that there’s no reason for a pessimistic outlook on NEIRO since its price remains below Bybit’s listing price. The crypto analyst added that the momentum for the meme coin has barely commenced, as it is expected to rally to $1. A rise to $1 is significant as NEIRO would reach a billion-dollar market cap in the process.

Crypto analyst Crypto Caesar has also presented a positive outlook for NEIRO. In a post on X, he stated that the meme coin appears “very promising” at its current price level. The crypto analyst further noted that its price has broken through the resistance at $0.16 and is now testing that level as a new support zone. He believes that a successful retest could validate additional bullish momentum.

At the time of writing, NEIRO is trading around $0.172, having fallen over 12% in the last 24 hours, according to data from CoinMarketCap.