First Neiro On Ethereum May be Set for Short-Term Breakout

9 Okt

First Neiro On Ethereum (ETH: NEIROCT) is rapidly gaining attention in the cryptocurrency world, especially among meme coin enthusiasts. With a notable rise in its trading volume and the formation of bullish technical patterns, (ETH: NEIROCT) is currently positioned for a potential breakout.

Technical Analysis
The 4-hour price chart for (ETH: NEIROCT) reveals a bullish symmetrical triangle pattern, a technical signal that typically indicates a continuation of the current trend—in this case, upward. The recent breakout from key resistance levels, coupled with increasing volume, suggests that further gains could be on the horizon.

As of now, (ETH: NEIROCT) is trading at $0.0017 with a $728 million market cap and a staggering $1.01 billion in 24-hour trading volume. The increase in trading volume is a crucial indicator of growing demand, especially as the token moves past significant resistance levels. This surge in trading volume places (ETH: NEIROCT) among the top 10 most traded cryptocurrencies, surpassing many larger projects.

Breaking Structural Levels
Analysts have noted that (ETH: NEIROCT) is currently breaking key structural levels, which opens the door for the token to achieve new all-time highs. With (ETH: NEIROCT) up 41% this week and the token’s price currently hovering around $0.001722, the next challenge is for it to solidify its position above $0.0014, a key resistance level. If (ETH: NEIROCT) can close the next two 4-hour candles above this point, we predict a surge toward $0.002060 in the coming 24 hours.

MACD and RSI Indications
Looking at the shorter-term charts, the MACD (Moving Average Convergence Divergence) and RSI (Relative Strength Index) both show bullish signals. The MACD line has recently moved well above the signal line, typically seen as a strong indicator of growing bullish momentum. Meanwhile, the RSI is holding in the mid-80s, suggesting that although the token is overbought, this may not be a negative signal during a pump cycle. The slightly upward-sloping RSI indicates that buyers are not letting up, further strengthening the bullish outlook.

However, it's important to keep in mind the risks. Should (ETH: NEIROCT) fail to maintain its momentum and drop below the $0.001476 support level, a wave of selling pressure could push the price down to $0.000830 in the short term.

Strong Market Demand
From a fundamental perspective, the growing interest in NEIROCT can be attributed to its limited supply and its status as one of the most traded meme coins. Its high ratio of trading volume to market cap at 1.6, four times higher than FTT’s 0.4, indicates a significant demand for the token. This is a clear sign that many traders are jumping in, anticipating further growth as NEIROCT solidifies its position.

NEIROCT’s rise from a $1 million market cap in August to $700 million has provided early investors with life-changing gains. With Binance listing the token, NEIROCT has become a household name in the meme coin category, though its potential for massive returns is now more limited than it was at launch. A continued rally to a $1 billion market cap would yield a 2x return, but that’s modest compared to the meteoric gains seen during its early days.

Price Prediction: Short-Term Gains Possible
The potential for short-term gains remains strong, we are forecasting a rise toward $0.002060 if the token continues to hold key levels. However, investors should keep an eye on Bitcoin and broader market conditions, as NEIROCT's bullish continuation will likely depend on BTC’s price action. A strong CPI report this week could propel Bitcoin past $65,000, creating a positive environment for meme coins, including NEIROCT. Conversely, a poor inflation print could see Bitcoin retest $60,000, putting short-term pressure on risk assets like meme coins.

Conclusion: Is NEIROCT Still a Good Buy?
The truth is NEIROCT is no longer a low-cap gem, but its recent bullish price action indicates that it still has room to grow with modest gains easy 2x on reaching $1 Billion market cap. Investors looking for a potential breakout play in the meme coin space might want to keep a close eye on NEIROCT, but caution is advised in case the bullish momentum fades.