NEIRO Price Plateaus After 5,600% Increase but Uptrend May Not Be Done

Key Takeaways

• The First Neiro On Ethereum (NEIRO) price has increased rapidly since Sept. 16.
• The price reached a new all-time high on Sept. 24 but has fallen since.
• Is the upward movement finally over or will NEIRO continue to increase?

Since the beginning of September, NEIRO has been one of the biggest gainers in the entire cryptocurrency market. The increase became especially rapid on Sept. 16. However, a short-term drop began on Sept. 24.

Will this evolve into a longer-term downtrend, or will NEIRO regain its footing and move to new highs? Let’s find out

Analyzing NEIRO’s Price Increase

The NEIRO price has been increasing rapidly since Sept. 6. On Sept. 24, it reached a high of $0.00137, an upward movement of 5,600% since the low.

The increase accelerated on Sept. 16 after a much-publicized listing on Binance  that created a lot of confusion.

The most likely wave count suggests the price is in the fifth and final wave of its increase, after which a lengthy correction could follow. While a bearish divergence has developed in the RSI, implying that the current movement is part of wave five, it is unclear if the upward movement is over.

It is worth mentioning that wave five is short relative to all the other waves. If it had the same length as wave one, NEIRO would increase to $0.00283 before correction.

So, looking at a lower time frame is needed to determine if the increase is over.

Potential Top?

The hourly chart leans bearish but does not confirm that a downward movement has started. This is because the NEIRO price decreases since the all-time high is still contained inside a descending parallel channel.

Since channels often contain corrections, this may be a short-term decline before NEIRO begins another upward movement toward the $0.00283 target.

However, if NEIRO breaks down from the channel, it would confirm that a downward trend has started. In that case, the first target will be at the $0.00080 support, a 22% decline from the current price.

NEIRO Price Trend Unclear

After a rapid increase measuring over 5,000%, the NEIRO price finally shows some signs of weakness, visible in the wave count and technical indicators. However, NEIRO may extend wave five and increase toward $0.00283.

Whether the price breaks out or down from the current channel will determine the direction of future trends.

About the Author

Valdrin Tahiri

Valdrin discovered cryptocurrencies while getting his MSc in Financial Markets from the Barcelona School of Economics in 2017. He has been an avid investor and trader since. Valdrin has written for several cryptocurrency media companies such as BeInCrypto and CoinGape.

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