Neiro Ethereum Price Prediction: Latest Analysis and Outlook

Bittime - Neiro Ethereum (NEIRO) price saw a sharp 15% drop in the last 24 hours, trading at $0.01413 per token at 1.45am EST. 

This price drop comes even though Bybit, a leading crypto exchange, has just announced the listing of NEIRO on their platform. 

The listing is scheduled to take place on August 21, 2024 at 10 am UTC, with deposits and withdrawals to be made via the Ethereum network.

Read also: What is Neirocoin (NEIRO)? Learn How to Buy it!

NEIRO Price Technical Analysis

On the 4-hour time frame, the NEIRO/USD pair exhibits several key technical elements that signal potential price movement:

Bearish Channel

Price is currently in a bearish channel indicating a continued downward trend, with price printing increasingly lower peaks and valleys. 

This channel reflects consistent selling pressure, and the price is approaching an important support level that has restrained previous price movements.

Crucial Support Level

Price is currently testing a support level that has proven strong in the past. If the price breaks this support level, it will likely trigger further bearish momentum. 

However, if this support holds, there is potential for a rebound towards the upper boundary of the bearish channel.

SMA and RSI indicators

Price is currently below the 50-period Simple Moving Average (SMA), which often acts as dynamic resistance in downtrends. 

The Relative Strength Index (RSI) is at 44.97, slightly below the midpoint of 50, signaling a neutral to slightly bearish phase. This indicates a possible continuation of the decline or a potential reversal if buying interest increases.

MACD indicator

The Moving Average Convergence Divergence (MACD) indicator shows that the MACD line is slightly below the signal line, strengthening the current bearish momentum. 

However, the relatively small histogram bars suggest that bearish momentum may be weakening, opening the opportunity for a crossover if buying pressure increases.

NEIRO Price Outlook

If the price manages to stay above the support level and breaks through the bearish channel, there is potential for a bullish move towards the previous price target of around $0.1787 USD. 

Conversely, if the support level fails, the price may continue its downward trajectory, potentially testing the lower support level around $0.116.

Related Market Trends

Meanwhile, as Neiro Ethereum traders prepare for a possible bull rally, many investors are also interested in Shiba Shootout (SHIBASHOOT), a derivative of Shiba Inu. 

SHIBASHOOT's presale almost reached the $1 million mark, attracting the attention of the crypto community with the promise of very tempting "rewards".

Conclusion

Neiro Ethereum price is currently showing mixed signals with the potential for a bearish or bullish move depending on how the price reacts to key support levels and bearish channels. 

Traders and investors should monitor these developments closely and be ready to adjust their strategies according to changing market conditions.

For further information and the latest updates, make sure to follow the latest news from trusted sources and conduct in-depth analysis before making investment decisions.

How to Buy Crypto on Bittime

You can buy and sell crypto assets in an easy and safe way via Bittime. Bittime is one of the best crypto applications in Indonesia which is officially registered with Bappebti. 

To be able to buy crypto assets on Bittime, make sure you have registered and completed identity verification. Apart from that, also make sure that you have sufficient balance by depositing some funds into your wallet. For your information, the minimum purchase of assets on Bittime is IDR 10,000. After that, you can purchase crypto assets in the application. 

Learn How to Buy Crypto on Bittime.

Monitor price chart movements of Bitcoin (BTC), Ethereum (ETH), Solana (SOL) and other cryptos to find out today's crypto market trends in real-time on Bittime.