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The Neiro Ethereum price plunged over 10% in the last 24 hours to trade at $0.2474 as of 7:35 a.m. EST as investors dump their holdings in the meme coin.
This slump in the NEIRO price follows a parabolic surge, when a tsunami of Neiro tokens flooded the market after the owner of Kabosu, the late Shiba Inu dog who inspired the creation of Dogecoin, announced the adoption of a new Shiba Inu dog by the name of Neiro.
Many investors believe NEIRO could become the next DOGE. To back this bullish outlook, some in the meme coin community have noted several major milestones that the project has achieved since its market debut.
For example, NEIRO reached a market cap of $200 million in just 6 days. This same feat took PEPE 10 days to accomplish.
The Neiro Ethereum Price Exits A Bullish Channel
4-hour chart for NEIRO/USD (Source: TradingView)
The Neiro Ethereum price fell out of a medium-term positive price channel in the last 12 hours. As a result, the meme coin is now testing the key support level at $0.2151. A break below this technical safety net could put NEIRO at risk of plunging to the next support level at $0.1414 in the following 24-48 hours.
There is still the possibility that traders identify the Neiro Ethereum price’s current level as a buy opportunity. This might prevent a 4-hour candle close lower than $0.2151 within the next 12 hours, which could then lead to the crypto climbing. In this alternative scenario, NEIRO might attempt a challenge at the $0.2927 resistance level.
Technicals Suggest The Neiro Ethereum Price Could Lose The $0.2151 Support
Technical indicators on NEIRO’s 4-hour chart warn that the Neiro Ethereum price might keep falling through the course of the next 24 hours. More specifically, Relative Strength Index (RSI) readings have been decreasing in the last trading session. Meanwhile, the Moving Average Convergence Divergence (MACD) indicator is on the verge of triggering a bearish technical flag.
Falling RSI values are usually seen as a sign of diminishing buyer strength. Although the current RSI reading is above the 50 benchmark to signal bulls have the upper hand against bears, the negative slope of the RSI suggests buyers could soon lose their advantage.
Momentum might shift in favor of bears soon as well. This is evident by the narrowing gap between the MACD and MACD Signal line. The prior is now attempting to cross below the latter. An intersection between these two technical indicators could suggest that the Neiro Ethereum price has entered a short-term negative trend.
If these bearish signs are validated, NEIRO might lose the support of the $0.2151 mark.
While the Neiro Ethereum price tries to stay above critical support, Pepe Unchained (PEPU) is on track to surpass the $8 million mark with its presale as an investor frenzy erupts around the meme coin.
Taking The Popular Frog-Themed PEPE To The Next Level
Pepe Unchained (PEPU) is on a mission to help PEPE escape the highly-congested Ethereum network. Still considered to be the de facto network to deploy tokens on, Ethereum has become overcrowded. This has led to high transaction fees and slow processing times, which is negatively impacting current PEPE holders.
Through a dedicated layer-2 network, Pepe Unchained will not only serve as a new Web3 home for the Pepe meme, it will also introduce a PEPE token that moves 100 times faster than its predecessor at a fraction of the cost.
Investors will, however, still be able to seamlessly bridge their assets between the Pepe Unchained and Ethereum blockchains. This unlocks the dual benefit of Ethereum’s proven security and Pepe Unchained’s lightning-fast speeds, resulting in a supercharged PEPE.
Zach Humphries, a YouTuber with 149,000 subscribers, told his viewers in a recent video that he has high expectations for Pepe Unchained.
Investors Rush To Get In On PEPU’s 253% APY
More than $7.6 million has already been sent to Pepe Unchained’s ICO. In addition to its speculative potential, the project is rewarding investors with a 253% APY if they buy and stake tokens at this early stage.
The Breaker of Chains did it again!
$7.5M raised! 🐸⛓️ pic.twitter.com/ygR2ivQhtl
— Pepe Unchained (@pepe_unchained) August 7, 2024
All potential buyers will need to do to become eligible for the staking rewards is acquire the token via the simple buy widget embedded on the project’s website. Once purchased, the tokens then need to be locked up through the staking page for investors to gain access to the APY.
PEPU is currently selling for $0.0089461, and can be bought using either ETH, USDT, BNB or bank card. Interested investors will want to act fast because the token’s price is scheduled to increase in less than 24 hours.
Purchase and stake PEPU here before its next price increase.
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