Consolidation Range Expands, puts Bullish Positions at Risk

As the bullish trend in NEIRO struggles to surpass $0.30, the bearish activity tests the $0.18 strength. The ongoing brawl extends the lateral trend in the meme coin. At the crossroads of consolidation, will NEIRO take a bullish exit?

With a market cap of $202.66M, NEIRO moves in a sideways shift despite the increased market volatility. Furthermore, with the meme coins segment indecisive about the upcoming phase, the NEIRO consolidation will likely be prolonged. Will bulls hold the position longer, or is there a downfall coming for NEIRO?

Buyers Struggle For An Upcycle 

Following the bullish breakout of a flag pattern in the 4-hour chart, the NEIRO price jumped 168% within two days, from $0.10 to $0.28. However, the bullish momentum fails to sustain the uptrend in NEIRO, resulting in a sideways trend for the last nine days. 

The consolidation range extends from $0.18 to $0.30 horizontal levels. Furthermore, as per the trend-based Fibonacci level, the consolidation range is between the 0% baseline at $0.18 and the 50% Fibonacci level at $0.28. 

Currently, NEIRO trades near the 0.20 psychological mark as it witnesses a 5% drop in the past 4 hours. 

Nevertheless, the bullish crossover in the stochastic RSI signals a potential comeback within the consolidation range. This could retest the overhead resistance trendline or the 50% Fibonacci level. However, the MACD indicator in the 4-hour chart maintains a slightly bearish position as it threads laterally in the negative zone.

The credibility of the 23.60% Fibonacci level at $0.23159 is a bit debatable. This is due to its failure to uphold any significant price move apart from a failed bullish reversal on 9th August. 

Will NEIRO Achieve $0.50?

A bullish breakout of the consolidation range will result in a price jump to the 100% Fibonacci level at $0.38. Optimistically, the increased demand could result in a price surge to the 161.80% level, coinciding with the $0.50 psychological milestone. 

On the downside, the support levels are at $0.10 and prior to that $0.15 could result in a minor recovery.