Despite the recent decline in the price of Neiro (NEIRO), analysts and investors seem bullish on memecoin. Some market observers have noted the cryptocurrency’s potential, suggesting levels to watch before another rally.

Neiro sees a 10% weekly correction

Neiro made headlines three months ago after becoming an overnight sensation on the Ethereum network. Memecoin was inspired by Dogecoin’s newly adopted sister of inspiration, Kabosu.

The cryptocurrency has seen extraordinary performance in October, jumping 30% month-to-date (MTD). Moreover, two weeks ago, the token saw an impressive surge towards its all-time high price (ATH) of $0.0022, which increased by 4,600% in 30 days.

Memecoin’s bullish momentum also pushed its market capitalization (MC) near the $1 billion mark, reaching an MC of $935 million on October 15, fueling bullish sentiment among market watchers.

However, Neiro’s price has fallen since its last rally, reaching 31.5% below ATH. Shiba Inu-themed Memecoin saw a 10.3% decline last week, hovering between the $0.00132-$0.00170 price range.

Despite the price decline, analysts and investors remain positively bullish on the cryptocurrency. Crypto Tony excellent that memecoin is another token that is looking “really good” since the beginning of its bullish momentum in mid-September.

The analyst noted Neiro’s potential, suggesting that a slight pullback from recent levels could be a good starting point for investors before the upcoming bull market.

Will the next one be $0.0020 or $0.0010?

According to trader CryptoBull360, since the all-time high, the cryptocurrency’s chart has been trending downwards, forming an expanding wedge pattern on the lower time frame. Market observer excellent that a successful break above the upper trend line can cause the token to escalate by 25%-30%.

Another trader suggested “The chart situation is unclear” for Neiro. The trader stated that the token needed to break above the $0.00165 level to continue its upward trajectory and regain ATH levels.

However, if Neiro is rejected instead, the token could see a 30% correction towards the $0.0010 support zone. The $0.00165 to $0.00170 price range represented an vital consolidation zone before the token surged towards ATH.

On Monday morning, Neiro price rose 13.3% towards the resistance level at $0.00170. The token moved above the formation’s upper trendline, signaling a breakout from a two-week downtrend.

Nevertheless, the token was unable to stay above the key resistance level and retreated towards the support zone at $0.00154. Cryptocurrency analyst Sjuul from AltCryptoGems suggested that memecoin’s recent performance has been better than expected.

After “prolonged manipulation” and reclaiming the $0.00150 level over the weekend, the analyst believes Neiro is poised to move towards higher resistance levels, potentially targeting the key $0.0020 mark again.

At the time of writing, Neiro is trading at $0.00151, down 4% on the daily time frame.

Featured image from Unsplash.com, chart from TradingView.com