As the memecoin’s bull run slowly gathers pace, Neiro Ethereum is rising, signaling a possible breakout rally this week that could see it touch $0.50.
Dubbed by analysts as the Shiba Inu and Dogecoin of this bull run, NEIRO Ethereum is making the news, especially with Ethereum founder Vitalik Buterin’s recent involvement. However, the bear market on August 5 and Buterin’s massive selling of holdings caused NEIRO to enter a correction phase.
Nonetheless, as the market recovers, bullish momentum will return, and the strong and growing NEIRO community expects a new rally this week. Will NEIRO’s bull run lead to a surge in price to $0.50?
NEIRO Price Analysis
In the 1H chart, the price trend of NEIRO Ethereum showed a sharp upward trend and broke out of the channel. The bullish turn was accompanied by a double bottom reversal from the psychological level of $0.10.
The bearish channel failed to sustain upside demand and the up move reached the 61.80% Fib level at $0.2348. However, the memecoin reversed from $0.2348 and tested the 38.20% Fib level.
Moreover, the pullback phase has resulted in a bearish crossover of the MACD and the signal line. Therefore, the possibility of a pullback to retest the broken trendline is increasing, which could result in a 12% drop to $0.16510.
Currently, the NEIRO Ethereum token is trading at $0.2, with an intraday gain of 4.46%. However, the entire bull cycle in the 1H chart is up 82% in 22 hours. Notably, the price of this meme token has increased by more than 300% from its selling price 7 days ago.
Vitalik Buterin sells Neiro
On August 4, the Neiro project airdropped 17 billion NEIRO tokens to Vitalik Buterin, making him the largest holder. Buterin saw this as a positive catalyst and his participation sparked bullish momentum for the meme coin.
However, in an effort to dampen the moonshot rally, Buterin sold his entire reserve for 44.5 ETH (about $103,000), causing a bearish reversal in NEIRO’s market cap.
In response to his sudden sale, the Nairo community asked him to donate part of the proceeds from the sale to a stray dog shelter.
Will NEIRO Price Reach $0.50?
Memecoin has taken a beating following Vitalik’s exit from the Neiro community. However, with the emerging recovery trend, Memecoin could reach $0.50 as the breakout run completes the retest phase.