NEIRO Price Drops 20% Following All-Time High — Potential for Further Correction

Key Takeaways

• NEIRO surged 6,730% from $0.000040 to $0.0020.
• Bearish divergence signals the potential completion of the uptrend.
• There are two scenarios: correction down or potential new all-time high.

Following its listing on Binance, NEIRO experienced an extraordinary bull run, surging dramatically from its September lows to reach an all-time high.

This analysis examines the recent price movements and potential future scenarios for NEIRO, considering key technical indicators and market behavior.

NEIRO Price Analysis 

After the Binance listing, the price of NEIRO started a major bull run. From a low of $0.000040 on Sept. 16, the price increased by 6,730% to an all-time high of nearly $0.0020 on Oct. 9.

We saw the formation of an ascending channel, with the all-time high being its third resistance interaction.

The price moved in a five-wave manner, suggesting the uptrend could be complete.

Between Oct. 7 and 9, a bearish divergence can be spotted. The price lost momentum but increased, while the Relative Strength Index (RSI) started a downtrend. 

A downturn followed, leading to the channel median point of $0.00152 on Oct. 11, which depreciated by 22%. 

It bounced and is now trading around $0.0017, but if the first significant uptrend has finished, NEIRO could start its same-degree correction and continue further to the downside.

NEIRO Price Prediction 

We can see two scenarios ahead by zooming into the 15-minute chart and examining the wave structure behind its latest downtrend.

NEIRO is currently on the rise, gaining over 13% today, but this could be a corrective recovery as the first five-wave impulse to the downside ended. 

In this case, we will see a rejection at the 0.618 Fibonacci level of $0.00177 and another downtrend to the ascending channel’s support, aligning with the Fib extension of 1.618.

That would be a 29% decrease, measured from the projected high at 0.618 Fib. 

However, should the price continue past this area of $0.00177, there is a strong chance that NEIRO’s higher-degree uptrend will still have one higher before completion—a new all-time high of $0.0021 would conclude the five-wave pattern from Sept. 16 after which we could expect to see the major correction that’s currently presented as the primary expectation. 

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