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The Neiro Ethereum price has plunged 18% in the last 24 hours to trade at $0.2041 as of 7:15 a.m. EST on a 34% drop in trading volume to $34 million.
Neiro Ethereum Price Analysis: Bulls Continue Staging A Strong Support Zone
The NEIRO price is still trading sideways within a bullish channel as the bulls continue to stage a strong support zone. Bears are still determined to push the price below the support zone at $0.1285. However, this support level has proven resilient, allowing buyers to regroup and push the crypto’s price. If the bullish momentum picks up well, it could help the bulls drive the price above the channel, triggering a new bull rally that could catapult NEIRO higher.
NEIROUSD Analysis. Source: Dextools.io
The Neiro Ethereum price also faces resistance at the 50 Simple Moving Average (SMA) on the 4-hour chart, coinciding with the bearish trendline within the bullish channel. However, it is relatively above the 200 SMA, giving the bulls a chance to drive the price up above the 50 SMA. This indicates a positive sentiment and diminishing selling pressure for the Neiro price.
Additionally, the Relative Strength Index (RSI) is consolidating with signs of a breakout above the 50 midline level. It is currently at 44 after correcting slightly from the 50 midline level. If the pressure continues, it might fall to the 30 oversold level. However, there is a possibility of a rebound that could push the RSI to the overbought region of 70.
Meanwhile, the MACD indicator, although still trading along the neutral level, is also rising, supporting the bullish sentiment for Neiro Ethereum. 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- Can The Bulls Overcome The Current Resistance?
The bulls are at a significant decision point near the 50 SMA. A breakout above this level could push the price beyond the bullish channel, sparking a new rally that might lead to a new all-time high of $0.4568 in the coming weeks.
With backing from technical indicators and moving averages, the Neiro Ethereum price could also reclaim its previous all-time high of $0.2933.
However, if the bears gain control in a converse case, the price could drop to the support level of $0.1550.
Best Promising Alternative To Buy Now?
As traders anticipate a possible bull rally in the Neiro Ethereum price, more investors are buying into a new meme coin called Pepe Unchained (PEPU), which has just zoomed past $9 million in early funding.
An analyst from 99Bitcoins, a prominent crypto channel on YouTube with over 706K subscribers, says PEPU is one of the best cryptos to buy now with 100X potential.
PEPU is set to liberate PEPE from the outdated and sluggish layer-1 Ethereum blockchain by operating on its layer-2 network. It aims to replicate the success of its predecessor, PEPE, which has delivered incredible returns to early investors and has become the third-largest meme coin by market capitalization.
With its own blockchain, the project will tackle the issues of the scalability, speed, and efficiency that often plague meme coins deployed on the Ethereum mainnet.
We’ve just hit $9M! 🎉
Pepe Unchained is unstoppable, and it’s all thanks to you! pic.twitter.com/jdvgHIXjuj
— Pepe Unchained (@pepe_unchained) August 16, 2024
Token holders can also earn passively through the platform’s staking system, which offers an annual percentage yield (APY) of 218%.
You can buy PEPU tokens for $0.0091265 each on the official website using ETH, USDT, or a bank card. However, you might want to hurry, because the price is set to increate in less than two days.
Buy PEPU here to lock in the best deal.
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