NEIRO Price Reaches New All-Time High — Here’s What to Watch For

Key Takeaways

• First Neiro on Ethereum (NEIRO) broke out from a parallel channel.
• It reached a new all-time high price of $0.00135 on Oct. 7.
• Will NEIRO reach a new all-time high price, or is the rally finally over?

NEIRO has been one of the best performers in the cryptocurrency market since Sept. 16, after a Binance listing confusion that mistakenly linked it to another meme coin. The increase led to a new all-time high price on Sept. 23.

Even though NEIRO fell after the high, it has regained its footing since, reaching another one on Oct. 7. Let’s analyze the price action and see where the trend will head next.

NEIRO Price Breaks Out

The six-hour NEIRO price analysis shows that NEIRO started to correct inside a descending parallel channel after reaching its all-time high of $0.00137 on Sept. 23. The decline led to a low of $0.00085 on Oct. 3.

NEIRO has increased, creating a higher low and breaking out from the channel.

On Oct. 6, the price also moved above the $0.00122 horizontal area, which previously acted as the all-time high resistance.

Technical indicators support the upward movement. The Relative Strength Index (RSI) and Moving Average Convergence/Divergence (MACD) are increasing and above their bullish thresholds.

Additionally, both broke out from their resistance trend lines.

So, the six-hour time frame gives a bullish outlook and suggests that the NEIRO price will reach a new all-time high.

Let’s look at the wave count and determine a potential target for the high.

New NEIRO All-Time High?

The daily time frame NEIRO chart shows that the price has increased in what is likely a five-wave upward movement (white) since October.

The price confirmed that wave four is over by breaking out from a descending parallel channel on Oct. 6.

After the breakout, NEIRO reached a new all-time high of $0.00154 on Oct. 7.

If the count is accurate, NEIRO will reach a new all-time high of $0.00169. The 1.61 external Fibonacci retracement of wave four (black) creates this target. Afterward, a correction is likely unless the fifth wave extends further.

NEIRO Increase Not Over

Despite reaching a new all-time high price on Oct. 7, the NEIRO upward trend has more left in the tank. This is because the price action, indicator readings, and wave count are all bullish, predicting that the price can extend its run to $0.00169.

Read More: First Neiro on Ethereum Price Prediction 2024: NEIRO Price Analysis