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The Neiro Ethereum price has plunged 17% in the last 24 hours to trade at $0.1518 as of 8:15 p.m. EST on a 24% surge in trading volume to $24 million.
The slump comes after an earlier parabolic surge, when a flood of Neiro tokens entered the market after the owner of Kabosu, the late Shiba Inu canine who birthed the Dogecoin meme coin, announced the adoption of a new Shiba Inu dog called Neiro.
That’s caused confusion over which Neiro coin is which and there have been warnings that some, including Neiro Ethereum, could be honeypots.
Beware, biggest $NEIRO token on Ethereum is a honeypot
It bypasses most automated scan tests but owner is constantly calling AutomatedMarketMaker() with addresses, which modifies the transfer() function, likely blacklisting any new buyers.
Most scans are not detecting this pic.twitter.com/HE5H3tEoqt
— Wazz (@WazzCrypto) July 28, 2024
The late Shiba Inu dog Kabosu passed away in May, but its Japanese owner announced on July 27 a “new family member.”
NEIRO is now being hit by a broad crypto crash that’s seen the meme coin sector’s market capitalization plunge 5% to $42.3 billion in the past 24 hours.
Neiro Ethereum Price Analysis: Bulls Stage A Strong Support Zone Within The Falling Wedge
NEIRO indicates a fall after hitting a resistance zone at the $0.2118 level. According to GeckoTerminal data, the bears applying more downward pressure forcing the bulls to retreat further to the support zone at $0.1285. additionally, the struggle for price control has led to the formation of the falling wedge pattern, which traders look to for bullish continuation trends.
despite the fall, this support level seems strong, allowing the bulls to regroup and gradually push the price up to the upper trendline of the wedge. if the bulls take full control, they could push the price above the wedge, thereby triggering a bully rally that could catapult NEIRO to a new all-time high.
NEIROUSD Analysis. (Source: Dextools.io)
The NEIRO Ethereum price currently trades below the 50 Simple Moving Average (SMA). However, it is relatively above the 200 SMA, which gives the bulls a chance to drive the price high again. this indicates a positive sentiment and diminishing selling pressure for the Neiro price.
The Relative Strength Index (RSI) has rebounded from the 30 oversold level after correcting downwards from the 50 midline level. currently at 47 below the 50 midpoint indicates that the buying pressure for Neiro price is high and this might force the RSI upwards to the overbought zone at 70.
Meanwhile, the MACD indicator, although still trading below the neutral level, is also rising, supporting the bullish sentiment for Neiro Ethereum, as the increasing bullish bars and a recent crossover above the signal line have boosted bull traders’ confidence. this means there’s a high chance it could continue the uptrend, favouring the buyers and shifting momentum back to bullish.
Neiro Ethereum Price Prediction: Bulls Signal A Comeback
With support from the technical indicators and moving averages, the Neiro Ethereum price could rally to a new high of $0.2115 in the coming weeks.
However, if the bears gain control in a converse case, the price could drop to the support level of $0.1350. Continued downward pressure may lead to a further decline, potentially reaching the upper trendline of the wedge at $0.1315.
A Promising Alternative
Given the uncertainty and volatility around the Neiro project, investors might consider diversifying into the layer 2 token Pepe Unchained ($PEPU), one of the year’s top-performing ICOs that is immune to the meme coin selloff while still in presale.
PEPU distinguishes itself from the original PEPE by having its own native Layer 2 network, thus freeing Pepe from its old, clunky Layer 1 blockchain.
It offers investors high speed, scalability, and much lower fees. PEPU aims to achieve transaction speeds 100 times faster than meme coins on the Ethereum network. Besides its improved transaction capabilities, its Layer 2 chain will include an explorer.
Who’s ready for the next stage of Pepe’s adventure? 🚀
A new dimension of Pepe has been unlocked! Join Pepe's Layer 2 now and experience the future. 🐸🧠 pic.twitter.com/8NGeDIdXUg
— Pepe Unchained (@pepe_unchained) June 26, 2024
PEPU also offers investors an annual staking yield of 278%.
The 99Bitcoins YouTube channel, with more than 706k subscribers, says PEPU has the potential to lead the next bull market and even become the top meme coin.
You can join investors who have already pumped more than $7.2 million into PEPU by buying the token for $0.008875. Hurry if you are interested because there will be a price hike in a little more than a day.
Buy PEPU here using ETH, USDT, BNB, or a bank card.
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