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.
Disclaimer:
The information provided in this article is for informational purposes only. It is not intended to be, nor should it be construed as, financial advice. We do not make any warranties regarding the completeness, reliability, or accuracy of this information. All investments involve risk, and past performance does not guarantee future results. We recommend consulting a financial advisor before making any investment decisions.
Valdrin Tahiri is a cryptocurrency analyst and reporter at CCN, specializing in technical analysis with a focus on Elliott Wave theory, on-chain metrics, and fundamental research. He brings over seven years of experience in the crypto space as both a trader and writer.
He discovered cryptocurrencies in 2017 while earning his MSc in Financial Markets at the Barcelona School of Economics, which sparked a deep interest in blockchain and market dynamics. Since then, he’s contributed to top crypto outlets like BeInCrypto and CoinGape.
Valdrin also served as Community Manager of BeInCrypto’s Telegram group for three years, helping grow it into one of the largest crypto communities worldwide. His expertise in market structure and price patterns allows him to break down complex trends into clear, actionable insights.
He’s published thousands of articles covering altcoins, Bitcoin cycles, and macro trends.
