With a double-bottom reversal rally, First Neiro on Ethereum prepares for a trendline breakout. Will NEIRO reach the $0.0020 mark with this breakout run?
With a market cap of $688 million, the First NEIRO on Ethereum token has increased by 9.72% in the past 24 hours. Currently, NEIRO is trading at $0.001637, reflecting a bullish recovery.
As meme coins remain polarized in the volatile market, NEIRO is standing on the verge of a breakout rally. Will this breakout run reach the $0.0020 mark this week?
First Neiro on Ethereum Eyes Trendline Breakout
In the 4-hour chart, the recovery rally is challenging a short-term resistance trendline formed during the pullback phase over the last two weeks.
The pullback accounts for a 41.18% downfall from its two-week-old all-time high of $0.00233194 to $0.00135542. Since the low of $0.00135542, NEIRO has increased by 20.91% in the last four days.
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Furthermore, the pullback phase in the 4-hour chart has found support above $0.001420, resulting in a sideways trend. The meme coin is gaining momentum with a double-bottom reversal pattern.
The 4-hour RSI line has crossed above the 50% line, supporting the possibility of a bullish trend and showing no signs of bearish divergence. Meanwhile, the MACD and signal lines maintain a positive alignment, accompanied by a surge in positive histograms. Thus, the momentum indicators signal a buy.
Will NEIRO Hit $0.0020?
Currently, the reversal rally is challenging the overhead resistance trendline, along with the double-bottom neckline at $0.001637. The ongoing 4-hour candle shows a higher price rejection and a pullback of 0.73%, which warns of a bearish turnaround.
Using trend-based Fibonacci levels, the recovery run is also facing resistance from the 23.60% Fibonacci level at $0.00170318. While the higher price rejection limits the likelihood of a bullish breakout, a broader market recovery could help propel the NEIRO price above this threshold.
With the trend-reversal rally, the Fibonacci levels suggest a positive target at the 50% Fibonacci level near the psychological mark of $0.0020. This could complete a rounding-bottom reversal with a neckline at the 50% Fibonacci level.
However, price action traders should wait for confirmation that NEIRO will surpass the 23.60% Fibonacci level at $0.00170318.
DisClamier: This content is informational and should not be considered financial advice. The views expressed in this article may include the author’s personal opinions and do not reflect The Crypto Basic opinion. Readers are encouraged to do thorough research before making any investment decisions. The Crypto Basic is not responsible for any financial losses.
Source: https://thecryptobasic.com/2024/10/28/first-neiro-on-ethereum-nears-key-breakout-will-bullish-momentum-push-it-to-0-0020/?utm_source=rss&utm_medium=rss&utm_campaign=first-neiro-on-ethereum-nears-key-breakout-will-bullish-momentum-push-it-to-0-0020