NEIRO Price Corrects After All-Time High — Upward Movement Not Over Yet
What's Next After NEIRO ATH? | Credit: Hameem Sarwar
Key Takeaways
- First Neiro on Ethereum (NEIRO) doubled last week.
- It reached a new all-time high price of $0.00288 on Nov. 10.
- How long will the NEIRO price increase continue?
NEIRO increased rapidly last week, culminating with a new all-time high on Nov. 10. The weekly candlestick had a magnitude of 100%. However, the price has fallen by 20% since.
Let’s analyze the NEIRO price action to determine if the short-term decline is just that or more of a sign of things to come.
NEIRO Price Doubles
The six-hour NEIRO price analysis reveals a rapid increase since Nov. 4, which led to a new all-time high price of $0.00289 on Nov. 10.
During the upward movement, the NEIRO price broke out from a descending parallel channel that existed since the previous all-time high.
The increase resembles a completed five-wave upward movement (yellow), where wave four created a symmetrical triangle. If the count is accurate, the NEIRO price has completed its upward movement, as evidenced by the 18% decline since the high.
Technical indicators reflect this short-term weakness. The six-hour Relative Strength Index (RSI) has generated a bearish divergence (green), while the Moving Average Convergence/Divergence (MACD) made a bearish cross (white icon).
So, the short-term upward movement is likely over, but we need to look at the long-term count to see how this fits with the long-term trend.
Another Increase Ahead?
The weekly time frame wave count shows that NEIRO is in the fifth and final wave of its upward movement (white), which started in August. In the increase, wave three extended, as is visible by the sub-wave count (black).
So, while wave five may also extend, it will likely have the same length as wave one.
If this is the case, the NEIRO price will reach a high of $0.00568, increasing over 100% from the current price.
Therefore, while NEIRO is mired in a short-term correction, the long-term outlook suggests another upward movement is likely. The next target for a possible top is $0.00568.
The reaction there can determine if the long-term NEIRO upward movement is over or if wave five will extend further.
Correction Before Increase
The NEIRO price doubled last week and reached a new all-time high price on Nov. 10. While it has declined since then, the drop is likely a short-term correction another increase will follow.
NEIRO could be in the fifth and final wave of its long-term increase, so the reaction once it reaches $0.00568 will determine whether the upward movement has ended.
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